I think we can see some downside in the SPY for 4 reasons:
1) SMA 200 looks like it'll be a potentially tough resistance for price to break.
2) Price failed to close over a key resistance level (R2).
3) Another resistance level (R1) seems to be a potentially tough one to break.
4) RSI still high, however not technically overbought anymore.
Also, it's been a while since VIX has seen a big green day.
Rookie analysis that has little to no merit, but time will tell. Small SPXS position started just for fun.
Good luck to all in these hectic times!
1) SMA 200 looks like it'll be a potentially tough resistance for price to break.
2) Price failed to close over a key resistance level (R2).
3) Another resistance level (R1) seems to be a potentially tough one to break.
4) RSI still high, however not technically overbought anymore.
Also, it's been a while since VIX has seen a big green day.
Rookie analysis that has little to no merit, but time will tell. Small SPXS position started just for fun.
Good luck to all in these hectic times!
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