Crucial test for SPY tomorrow.
Related tickers: SPY,SPX.
SPY is running into a confluence of two major resistance regions. A breakout and hold above 365 will determine if the Index makes a new ATH (which looks most possible at this point)
I am assuming SPY to make an ATH going into December and fall back into correction by the end of December or in Jan.
A break above 365 is a good long entry in the short term.
Note: All the sentiment indicators are indicating extreme bullishness especially among retail investors. If you are a contrarian this would be the time to go against the market sentiment.
Thank you for reading.
**Just an Opinion
SPY is running into a confluence of two major resistance regions. A breakout and hold above 365 will determine if the Index makes a new ATH (which looks most possible at this point)
I am assuming SPY to make an ATH going into December and fall back into correction by the end of December or in Jan.
A break above 365 is a good long entry in the short term.
Note: All the sentiment indicators are indicating extreme bullishness especially among retail investors. If you are a contrarian this would be the time to go against the market sentiment.
Thank you for reading.
**Just an Opinion
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