SPY https://www.tradingview.com/x/OCh3vDuM/Looking at the 4 hr. timeframe on SPY. Bearish divergence is signaling a need for some cool off. I assume this will happen almost immediately, Monday maybe into Tuesday. I expect to keep above strong support levels at 618 and 609.95. Drops below 609 will change my stance to a more bearish tone. assuming we hold these levels, I expect that SPY will continue upward after some small consolidation up here in the range. Looking at a trend-based fib, some price points to the upside above ath's(all time highs) would be 633.52 and 637.85. Even 654.
Economic and policy fundamentals could shift any bullishness into another sharp pullback or even up into higher price targets.
Not much to be bearish abut this week, earnings season is kicking off and this could play a role as well; Tesla and google & blue chips happening Tuesday- Thursday.
These earnings could be the mystery seasoning to shake up this week's movement.
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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.