$SPY choppy week, where to next?

8 Okt 2021

Hello Traders,

I hope you survived the choppy market waters and rode the wave! No one has a crystal ball, but we can analyze what we have in front of us.
The Market jumped around all day unsure of what it wanted to do. It's been hugging the 50 quite a bit, once we see a clean break from it, we may get some definitive price action.

Looking at the trends and technicals, we are looking at a downward trend at the moment, with a Last Engulfing Bottom, theoretically signaling a reversal, about 65% of the time it is just a bearish continuation. The gap up Thurs morning though does have me thinking we are getting closer to a reversal back to bullish, but not quite there yet. May need a catalyst to drive back that way.

Have a great weekend!

Cheers,
Mike