SPY channel RE- Entry
Looking to see if spy rejects or breaks back into this channel, if it does the I would look for it to hit 465 within 10 days, to achieve similar technical to the flagged examples of RSI and Slow stoch, I am looking for a close above 457 tomorrow. The market is bullish considering core inflation estimates are still around .2% and tapering is still being held off for the future. RSI is strong and the past multi week green runs which have RSI above 65, usually are flat around day 9-12 of the run. Thus I am waiting for a candle on the 4 hour to close inside of the trendline this week, or for a rejection down, which would then invalidate the re-entry of the past bullish channel.
Overall I am very bullish for market due to the advancement of technology and the economy to find value in almost every aspect of our existence. As we can see mega caps have the ability to monetize almost anything with extremely high efficiency, and we all know that that most of the SPY is tech. Remember, the stock market is not the economy. Although I reference the economy, I am speaking of the economy that utilizes wealth. Many people are struggling, however that is not reflected in this years S&P returns. Thus if there is a large dip in the next months, I will be buying it full force.
Overall I am very bullish for market due to the advancement of technology and the economy to find value in almost every aspect of our existence. As we can see mega caps have the ability to monetize almost anything with extremely high efficiency, and we all know that that most of the SPY is tech. Remember, the stock market is not the economy. Although I reference the economy, I am speaking of the economy that utilizes wealth. Many people are struggling, however that is not reflected in this years S&P returns. Thus if there is a large dip in the next months, I will be buying it full force.
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