SPY Bears Breaking Every Trendline
SPY with 1 week candles. Today we convincingly broke the ascending channel SPY has been trading in for the last few months. Parabolic SAR has flipped bearish. RSI and MACD both have lower highs. MACD also now has a bearish crossover. Price appears to be in a double top type formation. All signs point to further price decline.
The market looks weak with fears of an escalating trade war with China, The Fed raising interest rates, bonds taking a hit, and a slew of other concerns. Should bulls be exhausted and the trend continue I am looking to pivot into value trades and sectors like health care which provide stability.
The market looks weak with fears of an escalating trade war with China, The Fed raising interest rates, bonds taking a hit, and a slew of other concerns. Should bulls be exhausted and the trend continue I am looking to pivot into value trades and sectors like health care which provide stability.
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