Descending trendline of highs meets the golden pocket
Simple technical observation, the trend line of SPY's highs this year will cross the 0.618 Fibonacci resistance on August 31st, just in time for September which doesn't have the best track record historically.
Macroeconomic considerations: Russia's still invading Ukraine, China's puffing its chest at Taiwan, U.S. and China both have their own respective housing crises, and Germany (along with a lot of Europe) is still dealing with an energy crisis as a result of the Russia-Ukraine war. Inflation flattened out this past month, but also did so for 3 straight months in 2008's subprime mortgage crisis. If I forgot some significantly bullish macroeconomic factors, please post them in the comments.
My candle colors are shaded by my indicator that repaints candles to represent RSI levels. For individual candles, white wicks are bullish and black wicks are bearish.
Macroeconomic considerations: Russia's still invading Ukraine, China's puffing its chest at Taiwan, U.S. and China both have their own respective housing crises, and Germany (along with a lot of Europe) is still dealing with an energy crisis as a result of the Russia-Ukraine war. Inflation flattened out this past month, but also did so for 3 straight months in 2008's subprime mortgage crisis. If I forgot some significantly bullish macroeconomic factors, please post them in the comments.
My candle colors are shaded by my indicator that repaints candles to represent RSI levels. For individual candles, white wicks are bullish and black wicks are bearish.