Looking back at the last two major rallies we see that the latest one has not broken above to new highs. Raises concerns of longer term rallies less likely to happen
Bullish purchases should be done with caution
- SPY is forming double top reversal pattern
- Longer term future rallies called into question
- More defensive sectors are experiencing rallies over the past year (XLU for example)
- Defensive sector long term rallies shows rotational shift from risk assets (tech) to safer assets (utilities, healthcare, gold)
- Seeing signs of late cycle investing
- 2025 could be a rough year for SPY and especially tech
Bullish purchases should be done with caution
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Related publications
Disclaimer
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.