Crucial test for SPY tomorrow.
Related tickers: SPY,SPX.
SPY is running into a confluence of two major resistance regions. A breakout and hold above 365 will determine if the Index makes a new ATH (which looks most possible at this point)
I am assuming SPY to make an ATH going into December and fall back into correction by the end of December or in Jan.
A break above 365 is a good long entry in the short term.
Note: All the sentiment indicators are indicating extreme bullishness especially among retail investors. If you are a contrarian this would be the time to go against the market sentiment.
Thank you for reading.
**Just an Opinion
SPY is running into a confluence of two major resistance regions. A breakout and hold above 365 will determine if the Index makes a new ATH (which looks most possible at this point)
I am assuming SPY to make an ATH going into December and fall back into correction by the end of December or in Jan.
A break above 365 is a good long entry in the short term.
Note: All the sentiment indicators are indicating extreme bullishness especially among retail investors. If you are a contrarian this would be the time to go against the market sentiment.
Thank you for reading.
**Just an Opinion
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.
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.