The SPY is currently in an UNCONFIRMED double top formation. Confirmation will happen if the price breaks below the 143 support which must then act as resistance. Furthermore this break below 143 could also mean a break below the 50MA which is another bearish indicator.
Supporting technical indicators of the chart formation include a bearish RSI/Stochastic divergence, a bearish stochastic cross, and narrowing Bollinger bands.
IF confirmed the short term target will be 141.50 followed by 140.
I also have a longer term target of 130(not shown) should this turn into a stronger correction.
Supporting technical indicators of the chart formation include a bearish RSI/Stochastic divergence, a bearish stochastic cross, and narrowing Bollinger bands.
IF confirmed the short term target will be 141.50 followed by 140.
I also have a longer term target of 130(not shown) should this turn into a stronger correction.