MathewPiedoux

SPY reversal: Turning downtrend

AMEX:SPY   SPDR S&P 500 ETF TRUST
As one can see in the chart, there is RSI divergence. This is a hint at a reversal in momentum.

After the impulsive move towards 447 we are due for a pullback. I believe we should hit some support at 446 and experience a very small rise again (not to an ATH) before we experience a pullback through the support at 446 toward the support at 443.

Once we hit support at 443 I believe we will see an impulse movement toward 446 in which we will reject it and start the downtrend where we have lower highs and lower lows. From here we may form a head and shoulders.
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