SPY bounced from the brim of bear market, continuation next
Updated
I think the short term bottom of SPY is in today. We bounced off from around $387, which is so very close to $384 (at which point we are in technical bear market).
So we are in bear market, sort of, but not quite, go figure.
I think we will follow through higher from here for another 2 days. Then we might break the downward channel and breakout the 3rd day or so. Swing trade price target around $445.
So we are in bear market, sort of, but not quite, go figure.
I think we will follow through higher from here for another 2 days. Then we might break the downward channel and breakout the 3rd day or so. Swing trade price target around $445.
Note
So we didn't break out of the downward channel right after May 17. We had a full pullback and found the bottom again on May 19.This does two things, one is re-test the near term bottom near $390 and have a double bottom setup. Two is we are now even closer to the upper trend line of the downward channel and there is a very good chance that we will break out coming Monday or Tuesday.
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