I have noticed many folks on here adjusting the channel that SPY is in a bit too frequently. If we draw the original channel that we moved upwards in, it becomes more clear that SPY has fallen out of the channel and is now retesting that structure. I have updated my original idea, to now show only 1 option moving forward, as I believe this one is the most likely. (See prior post for that idea).
I think the next gap to be filled will be the one below at 280. A rapid 15 percent correction could be the nudge that the Trump administration wants to give congress to push through more stimulus this month. Assuming this plays out, I will go long once that gap is filled as it is likely we see new highs and go parabolic into election season, that just seems to make most sense from a psychological standpoint, since this market clearly has no bearing on fundamentals at the moment.
Also, sorry, meant to say "now retesting" on the chart.
I think the next gap to be filled will be the one below at 280. A rapid 15 percent correction could be the nudge that the Trump administration wants to give congress to push through more stimulus this month. Assuming this plays out, I will go long once that gap is filled as it is likely we see new highs and go parabolic into election season, that just seems to make most sense from a psychological standpoint, since this market clearly has no bearing on fundamentals at the moment.
Also, sorry, meant to say "now retesting" on the chart.
Comment:
Still retesting that channel. It is possible that we gap fill above, like my original idea, but I still think a pullback happens before that gap gets filled