Short SPYG after five waves up

Short

SPDR Series Trust SPDR Portfolio S&P 500 Growth ETF (AMEX:SPYG)

AMEX:SPYG SPDR Series Trust SPDR Portfolio S&P 500 Growth ETF

This 60m chart of SPYG is almost identical to the chart of QQQ I posted earlier today. SPYG, or SPY Growth stocks, have been driving the recent move higher in the S&P, with SPYV (Value stocks) lagging the move. I'm counting what appears to be a five wave move nearing completion after breaking out of triangle consolidation. Looking for the index to form a near-term top and roll over. Initiating a short position at 36.00 with a profit target at 34.75.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.