Revisiting my "Could it be this easy?" post from 08/25/23
***DISCLAIMER***
Please view previous idea posted on 08/25/23 for comparison to what I'm referencing.
Well...hindsight is always 20/20 isn't it?
I was partially right on
SPY forming a head and shoulders pattern but with the tech sector being strong and people optimistic on fed pausing/cutting rates bulls have been buying every dip the last two weeks giving us weird trading conditions. Honestly, I didn't expect such a strong push back up over the last month.
Personally,SPY needs to cross 462 for me to be more confident we'll approach all-time highs. Relatively speaking the market is pretty top heavy and over extended, it's only natural that a solid pullback occurs sooner than later. What must go up must come down and will go up again.
Please view previous idea posted on 08/25/23 for comparison to what I'm referencing.
Well...hindsight is always 20/20 isn't it?
I was partially right on
SPY forming a head and shoulders pattern but with the tech sector being strong and people optimistic on fed pausing/cutting rates bulls have been buying every dip the last two weeks giving us weird trading conditions. Honestly, I didn't expect such a strong push back up over the last month.Personally,
SPY needs to cross 462 for me to be more confident we'll approach all-time highs. Relatively speaking the market is pretty top heavy and over extended, it's only natural that a solid pullback occurs sooner than later. What must go up must come down and will go up again.
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