Remaining neutral only because better risk-reward elsewhere like in emerging markets.
SPY relative to DXY confirmed break above wedge at vertical line and is now in an ascending channel. However, SPY is still in a large Wyckoff distribution phase and will therefore encounter heavy resistance when its price is 3.14 and 3.23 x DXY price, indicated by the red horizontal rays. Potential support at green rays.
Published via mobile so hopefully chart turns out as intended.
SPY relative to DXY confirmed break above wedge at vertical line and is now in an ascending channel. However, SPY is still in a large Wyckoff distribution phase and will therefore encounter heavy resistance when its price is 3.14 and 3.23 x DXY price, indicated by the red horizontal rays. Potential support at green rays.
Published via mobile so hopefully chart turns out as intended.
