Watch This Bullish Wedge on $SPY

I apologize for not first anticipating and then calling for a selloff with the depth and speed we’ve seen. It’s no doubt caught many off guard. That said, it’s a terrible place to call for further lows, in my opinion. Keep an eye on the bullish wedge forming on $SPY. Other formations like this have failed on the way down, but the last one will not and it’s safer, in my opinion, to assume we’re much, much closer to a bottom now than a top here.

We’re just beneath the 250-day EMA, terribly, terribly oversold. All the conditions are present here that were present at the February 28th low in the COVID crash, and we should get at least a strong counter-trend bounce, if not a permanent low altogether. At least that is how I am seeing things here.

At a minimum, I expect this gap to get filled sooner rather than later.

SPY

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