Spy

After stalling at 401.50 earlier , spy broke out..

Double bottom playing out here that will likely take us back to 408..

Looking for a pullback here to 401.50 before the next leg higher.

All the tech sectors are all showing bullish patterns too (Xlc,XLK,SMH)

I'm bullish here I'd just like a better entry.

That yellow resistance is 404.50 if we push it up there today

Monday may be an inside candle day..

تعليق:

After going over some more things ,
I cannot discount a drop to 399-400.

Reason I say this is because of the patterns of History..

Go over your 30min Spy chart and look days where the RSI and MFI both closed at these levels.

Now look at what happened in the following sessions. Closing at these overbought levels usually led to a minimum 4$ pullback and sometimes 8$.

Also Vix closed in the dirt with its own RSI on the other end of the extreme zone