SPY Looking to sell off
To me it looks pretty clear that we did top out this week. There were a couple attempts to push the price back towards the 200 MA but it just was not able to get there.
We have the overhead resistance keeping us down and the top of the wedge that we bounced from.
A ton of resistance is in this area & Oil is starting to creep back up in price, with winter in Europe it would not be surprising to see gas prices increases again towards the end of the year.
The fed plans more rate hikes down the road which is also concerning.
Also the breadth of the market is very weak, a lot of companies are struggling while some power houses like Apple and Tesla try to carry the index
I think we will find some support around 410 and from there we could either try and go back up or head down (Depends on what news we get).
I added a few short positions yesterday and this morning closed out my long after seeing pre-market.
This is all rambling and tea leaves.
We have the overhead resistance keeping us down and the top of the wedge that we bounced from.
A ton of resistance is in this area & Oil is starting to creep back up in price, with winter in Europe it would not be surprising to see gas prices increases again towards the end of the year.
The fed plans more rate hikes down the road which is also concerning.
Also the breadth of the market is very weak, a lot of companies are struggling while some power houses like Apple and Tesla try to carry the index
I think we will find some support around 410 and from there we could either try and go back up or head down (Depends on what news we get).
I added a few short positions yesterday and this morning closed out my long after seeing pre-market.
This is all rambling and tea leaves.
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