Some more downside for SPY
As I interpret this chart and market sentiment there is approx. another -1.5% downside to $426.
The long term uptrend is still intact but the short term correction still has a little room to run.
1) Currently down -4.5% from its high at $454
2) the RSI, MACD and CMF are not indicating a change in direction
3) Similar pattern in the QQQ (also indicates a lower move)
4) Another -1.5% to the down side would be a healthy correction
Where does it goes after that? Probably sideways for a while!!
Hope this helps.
The long term uptrend is still intact but the short term correction still has a little room to run.
1) Currently down -4.5% from its high at $454
2) the RSI, MACD and CMF are not indicating a change in direction
3) Similar pattern in the QQQ (also indicates a lower move)
4) Another -1.5% to the down side would be a healthy correction
Where does it goes after that? Probably sideways for a while!!
Hope this helps.
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