$SPY: Red flags aplenty
Couple of red flag on US equities in general:-
-> Fibonacci projection achieved as the S&P500 is within whiskers of round figure resistance at 5k
->
SPY at +1.9x standard deviation from trend
-> Multiple negative MACD divergence
-> Low volumes suggest lack of participation
-> Island gap formation in QQQ
-> IWM likely making a lower high at upper boundary of established channel
-> Too many companies laying off staff at the start of the year which implies lack of confidence for 2024. They are not even bothering to see what's 2024 run rate.
-> Fibonacci projection achieved as the S&P500 is within whiskers of round figure resistance at 5k
->
SPY at +1.9x standard deviation from trend-> Multiple negative MACD divergence
-> Low volumes suggest lack of participation
-> Island gap formation in QQQ
-> IWM likely making a lower high at upper boundary of established channel
-> Too many companies laying off staff at the start of the year which implies lack of confidence for 2024. They are not even bothering to see what's 2024 run rate.
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