SPY: Update As We Near ATH
The S&P 500 has recently seen a very strong bull run, as fears of a recession are continuously being alleviated. The most recent fed speech put the buyers in a frenzy, pushing the index up 15% in just weeks. At the time of writing, we are less than a percentage point from the all time high.
I believe we are in oversold territory, in agreement with RSI. I would like to see a brief correction to the previous support at the $460 level, blowing off some steam before we see higher prices. For this reason I am currently bearish. Regardless, I am expecting the index to blow past the previous ATH within a matter of weeks, which will ignite an entirely new bull run.
I believe we are in oversold territory, in agreement with RSI. I would like to see a brief correction to the previous support at the $460 level, blowing off some steam before we see higher prices. For this reason I am currently bearish. Regardless, I am expecting the index to blow past the previous ATH within a matter of weeks, which will ignite an entirely new bull run.
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