$SPY - A Blip to the Extended Rally

16 thg 6, 2023

SPY continues its strong stock rally following the #FOMC announcement, squeezing shorts and maintaining a daily relative strength (RS) of 77 as bond yields fall. Momentum remains robust, but technicals are starting to suggest a pullback is overdue. Pre-market conditions appear relatively flat, so we'll have to wait and see. I expect a meaningful decline towards the $430 level starting next week with VIX showing signs of a spike and especially after witnessing a month of upside movement.