SPY Daily 01/12/2023 - Riding the upper trendline
It looks like we are one again in a bear rally that has made it to the upper bear trendline. In the recent past (circled) we have seen rejection, and some throw overs that pull the rug out. Im not sure if this is the same, but the daily RSI is still in a spot it can run, and the MACD has curled up.... So... It looks like it can run a couple more days before reality checks in. OR bank earnings give it a boost and we set a new foundation, strong or not, it may force a continued rally.... Just my opinion, thinking outloud.
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