SPY TURN AROUND OR BEARISH?
The top purple line is a good representation of what happens when it breaks that resistance. The last time it did it was able to reach the 200ma. I don't believe it'll do that in these conditions. I believe it'll take a hard turn back down especially with people taking profits after the huge gap up today. Similar to Mon 12, Sep '22.
I think this rally is a bull trap to get people to buy near resistance before taking a hard turn downwards on unexpected news.
I think this rally is a bull trap to get people to buy near resistance before taking a hard turn downwards on unexpected news.
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