Hello traders! On a previous post I warned early bears that the SPY would be stubborn to breakdown. I hope you were able to stay safe during the week and please do not forget to like, comment and follow if you enjoyed this content!
Today's analysis is straight forward - Is the SPY exhausting?
Above I measured the the extension of the move from the low, $218 to the interim high of $262. The SPY has nearly made an equal move and may be heading for completion of a 0.618 retracement from the ATH, see below.
With the SPY approaching a confluence of fibonacci resistance at the 0.618 (also a very common retracement level for wave 2 pullbacks), bulls should remain cautious of entering any new positions at these levels.
Today's analysis is straight forward - Is the SPY exhausting?
Above I measured the the extension of the move from the low, $218 to the interim high of $262. The SPY has nearly made an equal move and may be heading for completion of a 0.618 retracement from the ATH, see below.
With the SPY approaching a confluence of fibonacci resistance at the 0.618 (also a very common retracement level for wave 2 pullbacks), bulls should remain cautious of entering any new positions at these levels.