$SPY: Red flags aplenty
Couple of red flag on US equities in general:-
-> Fibonacci projection achieved as the S&P500 is within whiskers of round figure resistance at 5k
->
SPY at +1.9x standard deviation from trend
-> Multiple negative MACD divergence
-> Low volumes suggest lack of participation
-> Island gap formation in QQQ
-> IWM likely making a lower high at upper boundary of established channel
-> Too many companies laying off staff at the start of the year which implies lack of confidence for 2024. They are not even bothering to see what's 2024 run rate.
-> Fibonacci projection achieved as the S&P500 is within whiskers of round figure resistance at 5k
->
SPY at +1.9x standard deviation from trend-> Multiple negative MACD divergence
-> Low volumes suggest lack of participation
-> Island gap formation in QQQ
-> IWM likely making a lower high at upper boundary of established channel
-> Too many companies laying off staff at the start of the year which implies lack of confidence for 2024. They are not even bothering to see what's 2024 run rate.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.