Divergence rejected.. 2% pullback started
Check previous spy post for reference (link)
I think the sept sell off starts next week. Horrendous job report + over bought tech.
When you look at the spy since june you'll see the XLK sector (Tech) has been behind its new highs. Now with msft , apple , and google at the top of there weekly channels whats to push it higher? The larger cap stocks are done with the earnings so there's nothing pushing it there.
some will say " The trend is still intact" blah blah blah.. 4 straight times the spy has been rejected and 4 straight times there has been at minimum a 2% drop. Can any other indicator spout that accuracy?
I expect a 2% pull back down to green trendline.. if that support doesnt hold we are looking at a correction.. Overall pattern shown on RSI is a bearish descending triangle
NDX has run out of gas and dow jones is near the tip of a rising.. proceed in cash or short
I think the sept sell off starts next week. Horrendous job report + over bought tech.
When you look at the spy since june you'll see the XLK sector (Tech) has been behind its new highs. Now with msft , apple , and google at the top of there weekly channels whats to push it higher? The larger cap stocks are done with the earnings so there's nothing pushing it there.
some will say " The trend is still intact" blah blah blah.. 4 straight times the spy has been rejected and 4 straight times there has been at minimum a 2% drop. Can any other indicator spout that accuracy?
I expect a 2% pull back down to green trendline.. if that support doesnt hold we are looking at a correction.. Overall pattern shown on RSI is a bearish descending triangle
NDX has run out of gas and dow jones is near the tip of a rising.. proceed in cash or short
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