This chart is rather straight forward, and simple. Why? It was created to show one thing and only one thing: a double top pattern has emerged on the chart of the S&P 500 SPY ETF, indicating a potential resistance level.
Double tops are widely known as they illustrate two points of supply, meaning more sellers than buyers. One way to think about this pattern is as follows: look what happened the last time price hit this point. It's as simple as that.
Considering the significance of this pattern, I am closely monitoring the SPY ETF chart until the year's end. As the end of the year nears, and 2024 looks to start up once again, I think this could be a defining moment.
I also think the double top will either break or resolve itself before 2024, thus giving us an immediate trend to kick off the year - bullish or bearish.
I'm watching...
Double tops are widely known as they illustrate two points of supply, meaning more sellers than buyers. One way to think about this pattern is as follows: look what happened the last time price hit this point. It's as simple as that.
Considering the significance of this pattern, I am closely monitoring the SPY ETF chart until the year's end. As the end of the year nears, and 2024 looks to start up once again, I think this could be a defining moment.
I also think the double top will either break or resolve itself before 2024, thus giving us an immediate trend to kick off the year - bullish or bearish.
I'm watching...
I work at TradingView helping to build charts, tools, and software for everyone interested in financial markets.
Twitter: twitter.com/scheplick
Blog: scheplick.com/
Twitter: twitter.com/scheplick
Blog: scheplick.com/