$SPY Mr. Market update and possible inflection point
Mr. Market has had a nice rally from sub 400 to now trading 410 zone and right at the daily 100MA
Could be a major inflection point as we head into next week and a lot of supply overhead now on what is basically a pump from Apple AMZN and a few other earnings as well as the result of net short option positioning , and lack of sellers "in the hole" .
If you believe another major leg down is imminent, August - Sept seems likely as we now have had a decent bear market rally to accompany the thesis.
If you believe we go higher, look for some nice consolidation now and even retracement before starting the next leg up
Either way, I'd be careful adding longs here as the next weeks most likely involve downside or consolidation as this recent move up is digested.
IMO it's low probability of going straight up higher, but not out of the question if we get major news on - Ukraine war, etc.
Personally I've closed most my longs for decent / good profit and starting building shorts with mostly cash position right now. My lean is short / no trend here.
Cheers : )
Could be a major inflection point as we head into next week and a lot of supply overhead now on what is basically a pump from Apple AMZN and a few other earnings as well as the result of net short option positioning , and lack of sellers "in the hole" .
If you believe another major leg down is imminent, August - Sept seems likely as we now have had a decent bear market rally to accompany the thesis.
If you believe we go higher, look for some nice consolidation now and even retracement before starting the next leg up
Either way, I'd be careful adding longs here as the next weeks most likely involve downside or consolidation as this recent move up is digested.
IMO it's low probability of going straight up higher, but not out of the question if we get major news on - Ukraine war, etc.
Personally I've closed most my longs for decent / good profit and starting building shorts with mostly cash position right now. My lean is short / no trend here.
Cheers : )