SPY Retracement similar to 2008
Interesting pattern in SPY forming. Similar idea as my last post just a bit more historical detail.
Dotted forecast line is hypothetical based purely on the percentage drop below the 200EMA relative to how much it was above the 200 at the top in Oct 2008.
SPY approached the resistance level I suggested and pulled back yesterday after to coming to within 1 dollar. Too soon to tell if that was the top.
Look for WTI Crude to rise another $4 before a pull back.
Also look for the dollar index to double top at 97.71
This is not a prediction like my usual charts, merely something I'm keeping an eye on at this point
Dotted forecast line is hypothetical based purely on the percentage drop below the 200EMA relative to how much it was above the 200 at the top in Oct 2008.
SPY approached the resistance level I suggested and pulled back yesterday after to coming to within 1 dollar. Too soon to tell if that was the top.
Look for WTI Crude to rise another $4 before a pull back.
Also look for the dollar index to double top at 97.71
This is not a prediction like my usual charts, merely something I'm keeping an eye on at this point
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