$SPY: Trend expiration and more
$SPY shows a daily trend that is reaching the end of its forecasted time duration, and a series of fundamental key levels that might act as magnets and support or resistance levels as price gravitates towards them. Currently, if price stays sideways for 1 more day (or more) and then breaks down sharply, we can get a reversal of the uptrend we had since the October 13th's low.
The expiration of the most recent daily trend implies price stays sideways for a few days before breaking out to the upside again if trending up, or, that it will return to support below, roughly @ $379.6, within the next 8 trading days (similarly to $XLF).
Well worth monitoring this chart, things are about to get interesting again. Bond yields have gone up for a long time, and might be turning around, which can imply an array of different scenarios for equities and fixed income, so far, market participants assumed inflation peaking was a bullish factor for stocks but it might be the case that we are entering into a recession and stocks remain under pressure while bonds bottom here.
Best of luck!
Ivan Labrie.
The expiration of the most recent daily trend implies price stays sideways for a few days before breaking out to the upside again if trending up, or, that it will return to support below, roughly @ $379.6, within the next 8 trading days (similarly to $XLF).
Well worth monitoring this chart, things are about to get interesting again. Bond yields have gone up for a long time, and might be turning around, which can imply an array of different scenarios for equities and fixed income, so far, market participants assumed inflation peaking was a bullish factor for stocks but it might be the case that we are entering into a recession and stocks remain under pressure while bonds bottom here.
Best of luck!
Ivan Labrie.
Komen:
This implies we could go higher if holding above the mode here...
