SPY ES1! More Downside Still Likely
One thing to note is that the market might be trying to fake a move similar to March. So far, on the surface it looks like the week-long pullback in March, which led to more rally.
Today, price action looks similar but the whole set-up is different
1. Below the 50-day MA
2. MACD in negative territory and resolving a long negative divergence
3. DMI more entrenched negative.
With this downtrend still only 4 days old, I'll ignore the fakeouts and stay short unless proven otherwise.
Today, price action looks similar but the whole set-up is different
1. Below the 50-day MA
2. MACD in negative territory and resolving a long negative divergence
3. DMI more entrenched negative.
With this downtrend still only 4 days old, I'll ignore the fakeouts and stay short unless proven otherwise.
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