The market always does one of the two things, take out previous high/low, or seek to balance the imbalanced region. From this graph, the red dotted lines are previous years going back. As seen, the SPY went and took out last years all time high.
What we could see from now is price will intend to go further deep down to seek balance, now that it has taken out the high.
The fundamental aspect that will fuel this drive is next weeks federal meeting where we hope to see Powell increase the interest rate. This will start the chain reaction and set the trend for the course of the year. Subsequently, the DXY will look to rally and gain momentum from the delivery of the interest rates.
What we could see from now is price will intend to go further deep down to seek balance, now that it has taken out the high.
The fundamental aspect that will fuel this drive is next weeks federal meeting where we hope to see Powell increase the interest rate. This will start the chain reaction and set the trend for the course of the year. Subsequently, the DXY will look to rally and gain momentum from the delivery of the interest rates.