SPY - Double Top
Price bounced of resistance at $458 twice forming a double top pattern on 15M charts. This indicates a reversal of the prior uptrend and start of a downtrend. And indeed, a downtrend began as price dropped form $458 to $440 in a day. Now price has just retested former support (current resistance) at $444 and look ready to bounce to continue the downtrend. Media sentiment is also extremely bearish - more and more experts warn that Russia's invasion into Ukraine is imminent. If war breaks out in Europe, the market will almost surely crash.
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