Ticker: $SPY
Next week will be very interesting as SPY is near all time high and about to test it.
We had a gap up open on Friday and bulls continue to punch the bears in the face. Monday 12/9/2019 will be very telling.
Bulls need to break all time high of 315.48 and close above it to show that they're not done with their massive move. If that's the case, weekly RSI will be close to the overbought territory. If we reject, expect a gap fill from Friday's gap up open.
Volume will be a very important indicator to watch to see where we're going. Also watch out for news about the USA and China trade deal. If we do not get a deal, it will be a clear double top and the top for 2019 would be set in my opinion.
Let's see what will happen.
Next week will be very interesting as SPY is near all time high and about to test it.
We had a gap up open on Friday and bulls continue to punch the bears in the face. Monday 12/9/2019 will be very telling.
Bulls need to break all time high of 315.48 and close above it to show that they're not done with their massive move. If that's the case, weekly RSI will be close to the overbought territory. If we reject, expect a gap fill from Friday's gap up open.
Volume will be a very important indicator to watch to see where we're going. Also watch out for news about the USA and China trade deal. If we do not get a deal, it will be a clear double top and the top for 2019 would be set in my opinion.
Let's see what will happen.