$SPY correction incoming? Back below $550

3 giorni fa

SPY is putting in a short term top here.

All of the signs are there if you know what to look at. For example, TLT up 2% today. SPY sold off throughout the day. Crypto selling off. Volatility starting to react at the bottom of the range. Dollar continuing to rise.

The chart also is failing at resistance.

I could see one more attempt at a move higher, and if we fail at $602 or lower and fall back below $597, it'll be extremely bearish and the confidence in this move playing out strengthens.

I think we'll see $527-531 over the next couple of weeks. Playing the move through UVXY calls.