I will have a longer article up tonight, but for the time being, I want to point out this structure on the S&P 500 cash session.
Market participants are in full panic mode here, sentiment is rock bottom, consensus is that we’re doomed. I will have multiple charts up tonight describing some positives in crypto and elsewhere. Picking bottoms is very difficult, but selling into lows (if this is one as I think it is) is dangerous.
But, we do have a large falling wedge on $SPY, complete with enough divergence to support a reversal. Everyone thinks we’re in the middle of a crash, but I do not (and I will have more evidence in support of this up tonight).
A structure like this has terrific potential for a very sharp rally, with an initial target of the origin of the wedge, up there around 428.
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2 thoughts on “$SPY Structure, Couple of Thoughts”