SPY Perfect Bull Trap
This is my first analysis, feedback is appreciated.
Right now, it looks like the perfect bull trap is forming. We are experiencing bullish signs: the downtrend line has broken three times: Thursday, Friday, and now Today if it closes green. If we cross $264 support, we could test $278. If what we are seeing is a bull trap, the area between $278.92 and $293.32 would be the perfect location to pull the rug.
The Fed is putting money into ETFs, but how long will that be sustainable? I think we will start to find out how much damage we've priced in during this week.
Right now, it looks like the perfect bull trap is forming. We are experiencing bullish signs: the downtrend line has broken three times: Thursday, Friday, and now Today if it closes green. If we cross $264 support, we could test $278. If what we are seeing is a bull trap, the area between $278.92 and $293.32 would be the perfect location to pull the rug.
The Fed is putting money into ETFs, but how long will that be sustainable? I think we will start to find out how much damage we've priced in during this week.
Penafian
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