MACRO VIEW: SNP LIKELY TO FALL WITHIN WIDER LATERAL RANGE
On technical basis, SPY (The S&P500 ETF) has broken down below 1st standard deviation from quarterly mean (66 days), while also breaking below 1 year mean (264 days).
The price has now entered a downtrend on quarterly basis, and will continue to fall if price stays below 1st standard deviation from quarterly mean (207.1) Closest target is the lower 1st st deviation from 1 year mean (197.70)
After the target is tagged, price will likely stay within 1st standard deviation from 1 year mean for some time (range will be 197.7 - 212.5)
SPY is mostly influenced by upcoming September uncertainty, caused by upcoming US policy decision in regard to Iran (to leave it sanctioned or to open it up).
The price has now entered a downtrend on quarterly basis, and will continue to fall if price stays below 1st standard deviation from quarterly mean (207.1) Closest target is the lower 1st st deviation from 1 year mean (197.70)
After the target is tagged, price will likely stay within 1st standard deviation from 1 year mean for some time (range will be 197.7 - 212.5)
SPY is mostly influenced by upcoming September uncertainty, caused by upcoming US policy decision in regard to Iran (to leave it sanctioned or to open it up).
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