SPY will run out of gas soon
Most of my posts will have a lot more verbiage associated with them than this one but in this case I think a careful analysis of the chart will reveal everything I want to convey. SPY is toppy here with Fibonacci extensions from two separate impulse wave together in a confluence zone. I see 315 as a potential top if we manage to get there. As always anything is possible as I think we will know soon per the duration of previous up-trends if we will make many more new highs or capitulate, I'm leaning towards the latter scenario.
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.