Spy bounced off trendline support on RSI which coincides with fib support at 447.
If you look at whats been dragging the spy down you'll see the culprit is the Dow jones. The dow fell outside its wedge this week and is now currently oversold outside its bbands. Im expecting A violent bullish bounce out of the dow and spy monday. The XLK will pump too with apple even on tuesday. after tuesday we'll have to see what happens.
I will say this, you can see in ghe RSI that the spy is forming a BEARISH DESCENDING TRIANGLE and the range is gettinv tighter. With that being said i think the next rejection on divervence will lead to a even bigger correction
If you look at whats been dragging the spy down you'll see the culprit is the Dow jones. The dow fell outside its wedge this week and is now currently oversold outside its bbands. Im expecting A violent bullish bounce out of the dow and spy monday. The XLK will pump too with apple even on tuesday. after tuesday we'll have to see what happens.
I will say this, you can see in ghe RSI that the spy is forming a BEARISH DESCENDING TRIANGLE and the range is gettinv tighter. With that being said i think the next rejection on divervence will lead to a even bigger correction
