SPG has been reacting correctively to the upside, which suggests that bullish interest is fading and sellers are gradually taking control.
While the price briefly broke out of the pattern to the upside, that move lacked conviction and quickly reversed, indicating a false breakout. The price then re-entered the pattern and today decisively broke down with a strong bearish move.
Although the volume on this breakdown isn’t very high (which is a concern), the overall price action signals that sellers are stepping in more aggressively.
As long as SPY remains in a pullback phase and lacks bullish momentum, I’m maintaining a bearish outlook on SPG, at least until the broader market regains strength.
While the price briefly broke out of the pattern to the upside, that move lacked conviction and quickly reversed, indicating a false breakout. The price then re-entered the pattern and today decisively broke down with a strong bearish move.
Although the volume on this breakdown isn’t very high (which is a concern), the overall price action signals that sellers are stepping in more aggressively.
As long as SPY remains in a pullback phase and lacks bullish momentum, I’m maintaining a bearish outlook on SPG, at least until the broader market regains strength.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.