SPY CLIMBING A HILL! Morning Market Analysis
The market feels like it is climbing up a mountain. As it goes higher up, the steeper it becomes. And at the top it becomes completely vertical.
This implies 2 things:
1: We are still climbing up the mountain (Momentum is bullish, becomes weaker as we get closer to the top and that is currently happening)
2: One slip can bring us tumbling back down (To major levels of support 417, 420, 422 SPY)
The market popped and then faded the move upward from the FOMC minutes yesterday but as of 730am it seems like we will open flat/green.
Always keep an open mind, follow the big money and history often does repeat itself. If it repeats itself once again it's only a matter of time before Mr. Market slips and falls down the mountain back to <400 SPY.
Submitted August 18, 2022 at 01:49PM by HamedTrades
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