yellow lines- channel
Orange line - Split channel
Should be a minor pullback coming early next week. Rejected at the top today. since the beginning of august the spy has been riding its 8ema. 8ma is currently at 443.10, i think the pullback will be towards that area. I would watch XLK or QQQ carefully. IF the q's breakout of their megaphone and move towards 372 this will keep the spy melt up going. Xlf (Financials) are Have pulled back because of the 10yr drop.
Signs of weakness or exhaustion- the obvious trend line rejection , and smaller candlesticks.
Orange line - Split channel
Should be a minor pullback coming early next week. Rejected at the top today. since the beginning of august the spy has been riding its 8ema. 8ma is currently at 443.10, i think the pullback will be towards that area. I would watch XLK or QQQ carefully. IF the q's breakout of their megaphone and move towards 372 this will keep the spy melt up going. Xlf (Financials) are Have pulled back because of the 10yr drop.
Signs of weakness or exhaustion- the obvious trend line rejection , and smaller candlesticks.
