SPY due for a pullback -- EV3 and Treverse phenom on 8h
The SPY is due for a pullback. It’s been overextended after a strong rally, with key indicators like RSI showing overbought conditions. Currently in a W5 leg, we're waiting on EV3 or Treverse to fire, as these RevAlerts indicators have shown an excellent track record, as seen on the 8h chart.
Additionally, economic uncertainty, rising bond yields, and/or upcoming Fed decisions could trigger profit-taking. Traders know markets rarely move in a straight line, and healthy pullbacks often follow extended runs. Let's see what the week brings!