SPY has had a significant rally on a lower dollar and CPI print. We are now approaching the long-term resistance trendline and the 200D SMA. We also have a rising wedge about to complete a 5-wave move. Supporting the move lower, we have the number of stocks above their 200D SMA at the high of the year, and the VIX is approaching the year's low.
From a macro backdrop, there will be significant forced selling for all defined benefits accounts (401Ks, etc.) due to the mandatory annual withdrawal.
The current setup creates a solid R:R trade going into year-end (4:1).
Target: 330-320, and stop above 415-420.
From a macro backdrop, there will be significant forced selling for all defined benefits accounts (401Ks, etc.) due to the mandatory annual withdrawal.
The current setup creates a solid R:R trade going into year-end (4:1).
Target: 330-320, and stop above 415-420.
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