SPY - one more high very possible

٢٣ أغسطس ٢٠٢٢

We're still in an uptrend and we're about to hit the trendline from June17 this morning. With the hidden bull divergence I see on this 4 hour chart and the large gap above, it's important to remember the market wants to confuse what the majority thinks. The consensus says we've turned down and now are going to at least test the lows. However, with Jackson hole this week, if Powell plays the "patient and flexible" card, a further high to 437 into September is possible. I'm currently neutral here and being very cautious. Good luck!