SPY 15 Minute wedge out of room

9 mar 2021

This thing went crazy today, but the meds aren't working. News of the stimulus was , for the most part, built in. It is time to "sell the news". The buyers are running out of steam. Though I don't see a massive correction, I do see a drastic pull back. What comes up, must come down. SPY, US500 is still in a down trend, and I firmly believe this downtrend will continue. If the economy is doing so great, why are we extending unemployment benefits? Other then the charts, there is also this consideration. Please check the SPY monthly, still in the overbought zone, plenty of room for this to sink. I like the 370 - 367 area for a reasonable pull back. Time will tell...
I am short on the SPY so my chart may be a little biased.