SPY: Daily and Weekly channel still solid.
SPY still looking bullish even after that little bump it had early October.
Price action stays within the channel on both Weekly and Daily charts.
It will likely continue to hover around the bottom and top of the channel until a event/correction pushes the price above or below the channel and break the trend. Except for the current high inflation, I do not see what could push the price action pass that lower channel level.
I still think there is a bubble ready to burst. Not sure if it is within the Electric vehicule industry or another sector, but something is brewing and will someday pop.
The inflation rate could also push authorities to increase the interest rates which in turn will increase expenses by adding pressure on property owners (increases mortgage rates).
This is all speculation for now. So stay alert at any signs of a down trend cutting that bottom channel.
Joins my Patreon to help out and have access to One on One discussion about stocks and charts.
Stay humble, have fun, make money!
Price action stays within the channel on both Weekly and Daily charts.
It will likely continue to hover around the bottom and top of the channel until a event/correction pushes the price above or below the channel and break the trend. Except for the current high inflation, I do not see what could push the price action pass that lower channel level.
I still think there is a bubble ready to burst. Not sure if it is within the Electric vehicule industry or another sector, but something is brewing and will someday pop.
The inflation rate could also push authorities to increase the interest rates which in turn will increase expenses by adding pressure on property owners (increases mortgage rates).
This is all speculation for now. So stay alert at any signs of a down trend cutting that bottom channel.
Joins my Patreon to help out and have access to One on One discussion about stocks and charts.
Stay humble, have fun, make money!
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