SPY $SPX potential double top formation.
Breadth indicators became very oversold today and the RSI on the 60min SPY is at -28 all of which suggests a bounce of one kind or another for Thursday. Could just be a pause in the decline. If we get a pause rather than a bounce Thursday, then look for lower lows ahead. The ES closed very near its lows and that is not good thing for those playing for a bounce. But we'll see.
Despite today's large sell off, SPY is yet to take out a swing point. If we start taking out swing point support areas, then look for a decline that could last a few weeks. Of course the last time I thought it was all over, the markets reversed the next day and rallied to new highs. Just sayin'.
Despite today's large sell off, SPY is yet to take out a swing point. If we start taking out swing point support areas, then look for a decline that could last a few weeks. Of course the last time I thought it was all over, the markets reversed the next day and rallied to new highs. Just sayin'.
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