I SPY on the Easter Bunny
Given the FED intervention, looks like the markets will drive higher for up to the 61.8% (2931) fib level with this additional sugar hit.
Interesting to note that resistance was found at the 50%, crica 2790. Combined with the first of the banks earnings reports coming out pre-market on 14th April could be the trigger for a small downwards movement to the underside trendline before resuming its march upwards to the 61.8% fib level, circa 290.
Stoch RSI is very high around 98%, lines starting to cross over, bearish and oversold.
Volume decreasing as price rises, bearish, however there was a volume spike on Thursday.
MACD still has strong upwards momenntum and below zero, bullish.
Additionally a gap (2916 to 2827) is filled by reaching the 290 mark, denoted by the two red lines.
Absolute top would be 3130 if things get really out of hand.
From here should have soaked in enough people with FOMO before selling pressure takes over and drives the SPY to test previous March lows. Who knows what happens after that!
Good luck!
Feedback and comments welcome.
Just my opinion.
Interesting to note that resistance was found at the 50%, crica 2790. Combined with the first of the banks earnings reports coming out pre-market on 14th April could be the trigger for a small downwards movement to the underside trendline before resuming its march upwards to the 61.8% fib level, circa 290.
Stoch RSI is very high around 98%, lines starting to cross over, bearish and oversold.
Volume decreasing as price rises, bearish, however there was a volume spike on Thursday.
MACD still has strong upwards momenntum and below zero, bullish.
Additionally a gap (2916 to 2827) is filled by reaching the 290 mark, denoted by the two red lines.
Absolute top would be 3130 if things get really out of hand.
From here should have soaked in enough people with FOMO before selling pressure takes over and drives the SPY to test previous March lows. Who knows what happens after that!
Good luck!
Feedback and comments welcome.
Just my opinion.
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