SPY Daily chart
The SPY laid out a nasty trap the past couple of weeks. After screaming up on a bear market rally the SPY made a huge gap up. If you take a look at the past months you'll see that most of the reversals after a bull run started with very similar gap. This gap lead me to go short a bit early. I got burned a bit but managed risk the best I could. As you can see the SPY gapped down Friday and closed near lows. This leads me to believe that the run may be coming to an end soon. There is no certainty but with the VIX closing red 10 straight weeks under some pretty tough financial conditions worldwide + lack of volume to support this rally. I think its logical that we may see some downside in the market in the near future.
Nota
We have added another gap down and closed near lows again. Very concerning for bulls as very little fight was shown and tons of gains wiped out in the course of two trading days. We may see some chop for rest of the week but things are turning very bearish IMO.
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.