This week I am expecting a final rally to 608 to finish wave 5. SPY broke above 595.50 resistance today, but with RSI at incredibly high levels on the 1HR chart I am anticipating a minor pullback tomorrow and the final push up to occur Thursday and Friday. Jobless claims are released Thursday and unemployment rate released on Friday. These are the two major data points coming out this week that will likely drive the market upward to finish this final wave up. For the remainder of the month, I am looking for major selling to begin and will likely lead us down to the 530 gap fill.
Cheers
Cheers
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.