Where's The Top?
Good evening traders,
If you're anything like me, you've probably been asking yourself for a few days now when SPY will top out? So here is my technical analysis with a breakdown of my thoughts and predictions for the next few upcoming weeks.
First and foremost, Trump took office on Jan 20th. The "Trump Pump" is alive and well, obviously. I'm starting to think the market was being retrained from a breakout under the Biden Administration, though we saw over a 25% return YTD.
Side note: This year is projected to do 3% on the S&P 500.
With that said, it is the S&P 500. The 500 largest companies in the United States. As Tech and AI take flight into 2025, it can only be assumed that large companies that make up the S&P 500 would be adopting these new resources in order to help them turn profits.
What does this mean for retail traders?
To put it simply, the trend is your friend, until it's not. These index funds, such as SPY have consumed bears for almost a consecutive 10 days, following a parallel channel towards a high target/trend line around the area of 623-626.
Until this channel of mayhem is broken, SPY is bullish. This is no man's land and we could change direction at any given moment. The lines of resistance are as follows: [607.60]..[605]..[602.73]..[600.92]..[599.72]
Thanks for reading,
If you're anything like me, you've probably been asking yourself for a few days now when SPY will top out? So here is my technical analysis with a breakdown of my thoughts and predictions for the next few upcoming weeks.
First and foremost, Trump took office on Jan 20th. The "Trump Pump" is alive and well, obviously. I'm starting to think the market was being retrained from a breakout under the Biden Administration, though we saw over a 25% return YTD.
Side note: This year is projected to do 3% on the S&P 500.
With that said, it is the S&P 500. The 500 largest companies in the United States. As Tech and AI take flight into 2025, it can only be assumed that large companies that make up the S&P 500 would be adopting these new resources in order to help them turn profits.
What does this mean for retail traders?
To put it simply, the trend is your friend, until it's not. These index funds, such as SPY have consumed bears for almost a consecutive 10 days, following a parallel channel towards a high target/trend line around the area of 623-626.
Until this channel of mayhem is broken, SPY is bullish. This is no man's land and we could change direction at any given moment. The lines of resistance are as follows: [607.60]..[605]..[602.73]..[600.92]..[599.72]
Thanks for reading,
Trade active
Broke through the upward channel, turned bearish. Time to start considering puts.
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