SPY: Is a Rug Pull imminent?
I feel we are about to experience a serious sell off. I am feeling this because of the divergences on the RSI and McLellan Oscillator. We are also stalling out at critical resistance.
I am seeing a large inflow of dumb money which lines up with price corrections in the past.
There is also the wallstreetbet sentiment that we must be going positive because an earnings recession is "Priced in" I am less confident.
Fed may even raise rates by 50 pts. Briefly it was priced in on the US 3 month earlier this month but it sold off and has been creeping up the past few days making 25-50 the expected range.
I drew the rug pull scenario in Orange.
I am seeing a large inflow of dumb money which lines up with price corrections in the past.
There is also the wallstreetbet sentiment that we must be going positive because an earnings recession is "Priced in" I am less confident.
Fed may even raise rates by 50 pts. Briefly it was priced in on the US 3 month earlier this month but it sold off and has been creeping up the past few days making 25-50 the expected range.
I drew the rug pull scenario in Orange.
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