SPY Ready for a long leg up?
This one is going against all media and current consensus. Most people are calling for capitulation now that yields are at current highs and the recent dot plot signaled a more hawkish stance going into 2024.
Let's look at what the chart is saying...
We have an almost textbook Wyckoff accumulation phase taking place (outlined by the orange line). A 2-month H/S is going to finish up by reaching the 400 level of the YTD POC.
Look for volume to increase coming off the 400 level for final confirmation.
Other supporting charts:
Oil Topping - sentiment at extreme positions. Additional barrels will find their way to market around 80+ (sorry JP, no $150 a barrel, at least not for another 12-24 months....)
Bonds - Final capitulation taking place
Economic data softening; watch housing, housing will rollover 1st - Recently, the average time from the last hike to the first cut is a little over 3 months.
All of this is to say, position accordingly. The end of the financial system meltdown might not be as obvious as everyone is claiming.....
Let's look at what the chart is saying...
We have an almost textbook Wyckoff accumulation phase taking place (outlined by the orange line). A 2-month H/S is going to finish up by reaching the 400 level of the YTD POC.
Look for volume to increase coming off the 400 level for final confirmation.
Other supporting charts:
Oil Topping - sentiment at extreme positions. Additional barrels will find their way to market around 80+ (sorry JP, no $150 a barrel, at least not for another 12-24 months....)
Bonds - Final capitulation taking place
Economic data softening; watch housing, housing will rollover 1st - Recently, the average time from the last hike to the first cut is a little over 3 months.
All of this is to say, position accordingly. The end of the financial system meltdown might not be as obvious as everyone is claiming.....
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