$SPY Market top playing out
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As I've mentioned in my previous analysis, I believe we're at a market top (Despite Tom Lee calling for new highs).
There's nothing positive for markets looking forward, therefore I think markets will finally price in all of the raise hikes and the poor economy.
I think we may see one more high, however, if we do, I believe it'll result in a rug pull. I think the FOMC meeting tomorrow will largely be bullish for markets, but then after that, Thursday, Friday or into early next week, we'll see the market reverse.
I'm looking for the move to hit the targets laid out on the charts.
$412, $397 or $393 as the bottom. With hindsight, I think the move will mark the top of the market and we'll continue much lower. Bear market continuation targets shared here.
Let's see if it plays out.
There's nothing positive for markets looking forward, therefore I think markets will finally price in all of the raise hikes and the poor economy.
I think we may see one more high, however, if we do, I believe it'll result in a rug pull. I think the FOMC meeting tomorrow will largely be bullish for markets, but then after that, Thursday, Friday or into early next week, we'll see the market reverse.
I'm looking for the move to hit the targets laid out on the charts.
$412, $397 or $393 as the bottom. With hindsight, I think the move will mark the top of the market and we'll continue much lower. Bear market continuation targets shared here.
Let's see if it plays out.
Ghi chú
So far, so good. Popped to $459 already. There's a chance it can pop all the way up to $461 before rejecting.Ghi chú
Patience will pay off here, expecting a large move down next week.Ghi chú
Setting up for a H&S now.Ghi chú
Almost to first target. I'd expect to see a bounce at $412 once we get there.
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