SPY running out of juice or about to breakout?
I'm going bearish on this one here.
Today was unexpected price action in SPY, at least for me.
Based on my trendline analysis SPY is topping out at resistance with many factors going against it.
1) Stochastic shows price action extremely overbought
2) Spy has been trading in very low volume for the last few days
3) Price action is 7% above 200ema (looking back at previous highs before a pullback 7% has been the upper limit
I am extremely curious and excited for next week and see if my analysis continues to support my thesis.
We may potentially see an evening star on Monday.
Today was unexpected price action in SPY, at least for me.
Based on my trendline analysis SPY is topping out at resistance with many factors going against it.
1) Stochastic shows price action extremely overbought
2) Spy has been trading in very low volume for the last few days
3) Price action is 7% above 200ema (looking back at previous highs before a pullback 7% has been the upper limit
I am extremely curious and excited for next week and see if my analysis continues to support my thesis.
We may potentially see an evening star on Monday.
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