SPDR S&P 500 ETF TRUSTPenjualan
SPY heading south for a long winter
Monthly candles show just how much meat is on the bone for bears. RSI is just now exiting overbought territory, IV rank/percentile is making a move upward, MACD is quickly losing momentum, and US10Y yield is going to go skyward next year which is unquestionably going to shake out some big players. Based on support dating back to the 2008 CDO bubble and ensuing crash, it's my belief we're going to 300 and possibly lower by Jan/Feb next year. Everyone is saying we need a news catalyst; we don't. We are in the 400s because of irresponsible and debatably criminal monetary policy and we are hearing from the very perpetrators of this that we can expect tapering soon. Jpow could be out and who knows who could be in. Even the most bullish investors are uncertain right now.
The question isn't "what's needed to bring the market down", it's "by what miracle will the market remain where it is".
The question isn't "what's needed to bring the market down", it's "by what miracle will the market remain where it is".
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