SPY close analysis, 5/5/2023
Interest rate decision moved markets down to the 405 gap after what I found to be a VERY hard to trade price action reaction. Today we consolidated in a bear flag pattern with a gap above as clear resistance.
Clear the gap at 408 and its possible for bulls to recover. But for tomorrow (Friday) bears have a chance to show up again and break this back to the major psychological 400 barrier.
I find the short term bear case more likely and have drawn out my suspected outcome squiggles in blue down to the 400 zone.
Clear the gap at 408 and its possible for bulls to recover. But for tomorrow (Friday) bears have a chance to show up again and break this back to the major psychological 400 barrier.
I find the short term bear case more likely and have drawn out my suspected outcome squiggles in blue down to the 400 zone.
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