SPY is still following the trend since the covid lows. This pitchfork captures the median move and last weeks huge buying to selling volume (BS indicator) shows this could be the bottom for the corrective move.
I'm planning for two scenarios.
1.) Bullish reversal that will tag the upper pitchfork over near 570 by mid-summer. I'll be watching the volume with the indicators for continued confirmation.
2.) If we get strong selling this week and close beneath the pitchfork trend then we are likely going to establish a new sideways or down trend.
I'm planning for two scenarios.
1.) Bullish reversal that will tag the upper pitchfork over near 570 by mid-summer. I'll be watching the volume with the indicators for continued confirmation.
2.) If we get strong selling this week and close beneath the pitchfork trend then we are likely going to establish a new sideways or down trend.