SPY next leg down incoming
My last post regarding SPY going down was a bit pre-mature. Personally I bought the short term bottom on April 17 and 18 and exit my swing long positions early this morning.
The reason for the entry last week was the reversed head and shoulder on the daily chart.
I am glad with my decision to close my positions this morning. It would be a brutal day if I am still holding those positions.
So the leg down thesis is coming back. I think we will go down until AAPL ER, re-test previous low near $413. Then bounce back after AAPL ER for a bit. The May Fed meeting will send the market down to around $400 then bounce back.
Ok just wild guessing, not financial advice.
The reason for the entry last week was the reversed head and shoulder on the daily chart.
I am glad with my decision to close my positions this morning. It would be a brutal day if I am still holding those positions.
So the leg down thesis is coming back. I think we will go down until AAPL ER, re-test previous low near $413. Then bounce back after AAPL ER for a bit. The May Fed meeting will send the market down to around $400 then bounce back.
Ok just wild guessing, not financial advice.
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