Stalling pattern observed on SPY
From a strictly technical analysis point of view, we see that the trend in SPY is stalling. A higher high was not completed on the weekly chart. This shows that bullish momentum could be slowing down. Since this is a weekly chart, there is a huge significance of something happening to the entire American market due to a possible bearish outlook on the S&P500.
We could possibly be looking at a bearish trending market which could mean that a recession could be lingering by. Trend analysis is a crucial tool and it is important to learn how to read trends. In my perspective, I want to see a lower low being formed in order to confirm a downtrend.
MY TRADING STRATEGY: I have stock positions in SPY but I am hedging with OTM put options that are a few years out just in case we head into a bearish market.
Happy Trading.
We could possibly be looking at a bearish trending market which could mean that a recession could be lingering by. Trend analysis is a crucial tool and it is important to learn how to read trends. In my perspective, I want to see a lower low being formed in order to confirm a downtrend.
MY TRADING STRATEGY: I have stock positions in SPY but I am hedging with OTM put options that are a few years out just in case we head into a bearish market.
Happy Trading.
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