Could go up, could go down. Looking at it from a fear perspective, this is where my brain goes. SPY dipped below $410 today. I expect to see a nudge up to $411 or so on Monday as people lock in longer term/swing strategies/DCA for the $410 level, but an eventual slog to $390. I think a lot of people are holding cash and expecting to see $390 and will "buy the dip". This will give media some news that we're back to bullish, but disappointing Black Friday/retail sales along with ongoing fear of Israel conflict spreading will push things back to $375 being the floor. No recovery until around April 2024 as US tax refunds provide needed stimulus.
(My first published idea, woohoo!)
(My first published idea, woohoo!)
Note
tldr: RSI still has a bit to go to oversold territory, MACD downward slope, Fib $410 broken, US Congress leadership issues, fear of Israel conflict spreading, ongoing prolonged higher rates...lots of good reasons to think we're not out of the dip yet.
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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.