SPY Weekly Failed DBL Bottom
Looking at the weekly chart we can see an area of failed consolidation in the form of a double bottom. The second dip failed to break below the low point of the first, and we have been on an upward drift since. The market has been in a euphoric state for a while now and caution is advised.
Historically, every time we have approached a major $100 price point it has had a pullback or complete rejection for the near future.
The MACD is also growing quiet at very high levels gathering strength for a major move.
On lower time frames, we are slowly breaking through the smaller moving averages as well.
At least for the near term we can expect a minor pullback to the 25 EMA and take another look from there.
Historically, every time we have approached a major $100 price point it has had a pullback or complete rejection for the near future.
The MACD is also growing quiet at very high levels gathering strength for a major move.
On lower time frames, we are slowly breaking through the smaller moving averages as well.
At least for the near term we can expect a minor pullback to the 25 EMA and take another look from there.
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