Is this really a relief rally? - SPY Analysis
I haven’t posted anything since Wednesday, and a lot of things have happened. Putin has started to invade Ukraine, but stocks ended up closing higher on Thursday because Biden reaffirmed that the US is not going to get involved in the conflict unless NATO needs to defend.
Starting with the technicals, we set a lower low on Thursday just above the 409$ nPoC. I personally think that this is not all the pain we will see, but I do think the relief rally will continue without setting a higher high (above 460$).
Longer term, I believe that the target of a bearish scenario is somewhere between 400$ (the low volume node marked) and 360$ (2018’s cycle fractal).
Just to summarize, a relief rally will send us to around 450$ and then I’ll start to look at some bearish targets around 380$. Next Saturday I’ll probably come with a gold outlook, so stay tuned and have a good weekend!
Starting with the technicals, we set a lower low on Thursday just above the 409$ nPoC. I personally think that this is not all the pain we will see, but I do think the relief rally will continue without setting a higher high (above 460$).
Longer term, I believe that the target of a bearish scenario is somewhere between 400$ (the low volume node marked) and 360$ (2018’s cycle fractal).
Just to summarize, a relief rally will send us to around 450$ and then I’ll start to look at some bearish targets around 380$. Next Saturday I’ll probably come with a gold outlook, so stay tuned and have a good weekend!
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