๐ข Whilst it’s impossible to know what weird and wonderful swings the macro will throw at us in the short term, before we start calling for the end of days, let’s look at the $SPY chart.
Looks nasty of we just look at the last week but taking in the bigger picture, it’s nothing crazy. Certainly not after that loooooooong move back out of the tariff bottom.
Is it over?
I would love be able to say its primed for a sure fire bounce here, but that would be a lie. We do have some support at the volume shelf (Right where price is now) but if we lose that, the next logical place for a bounce is around $612, with a stronger level at $600 that has big volume support and bull market support band below. I would hazard that if macro continues to be poor, those are the prices we’ll be working with.
Could it get worse?
I’m expecting a weak start to the month for broader markets based on seasonality/current narratives and things can always degrade, but we are looking at tail winds coming in later on and I’m still very bullish into year end. On top of that, it’s also VERY healthy for markets to cool off a little when they get stretched. A little profit taking, a little rebalancing etc
Personally, I would like to see a little more downside before moving higher. Build up some stronger bases and cool off some indicators.
We really never know what’s going to happen but we can find key areas where price has higher probabilities of moving to. Anyone that says otherwise is lying ๐
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โถ๏ธ๐๐ค๐ช๐ฉ๐ช๐๐: @Crafty_Trader
๐: @Crafty_Trader
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