Everyone wants the SPY to sell off, which leads me to think the rally is not done yet. The fact it flipped a previous resistance and retested it successfully, further supports this idea.
RSI is showing life, and the highest sell volume was barely able to make a dent to the trend.
I would expect SPY to rally further, bringing in volume, before topping out when it meets the channel, close to $340. Then trade sideways before it finally a long-squeeze down.
With the increase short activity the market is ripe for a squeeze up, before trapping the rest of the bulls. I don't see this market making it past August. I would expect volatility shows up in the date range covered by the blue arrow.
RSI is showing life, and the highest sell volume was barely able to make a dent to the trend.
I would expect SPY to rally further, bringing in volume, before topping out when it meets the channel, close to $340. Then trade sideways before it finally a long-squeeze down.
With the increase short activity the market is ripe for a squeeze up, before trapping the rest of the bulls. I don't see this market making it past August. I would expect volatility shows up in the date range covered by the blue arrow.
