SPY AB=CD Bullish ES1
Updated
Leg C 337.73 requirement met (.786)
Leg D 378.49 active target (1.618)
The target appears exaggerated.
But we have extremely overvalued tech stocks chasing new highs with no end in sight regarding;
Fed Corporate Bond buying,
Inflation talk (first time I can recall),
No reports of REPO activity with recent healthy dip.
Origination 332.01 exceeded negates the study
GLTU!
Leg D 378.49 active target (1.618)
The target appears exaggerated.
But we have extremely overvalued tech stocks chasing new highs with no end in sight regarding;
Fed Corporate Bond buying,
Inflation talk (first time I can recall),
No reports of REPO activity with recent healthy dip.
Origination 332.01 exceeded negates the study
GLTU!
Trade closed: stop reached
Closed, origination exceeded.Interestingly 3300 held so well we are already back in 3400 range. Also a trend line from June held at that 3300 dip.
The current demarc is 3400 and next stop 3470 facing 3500plus.
I would expect price action in the 3400-3470 range if the asia session can keep it together. Other wise it could chase back down some.
Gltu!
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