Hi Kim,
With the price of the SPY on Monday and today (3/6 and 3/7), the SPY filled the gap from last week. You mentioned several times in your video that as long as the gap remains open (unfilled), bulls are most likely OK. Now that the gap is filled, what are your thoughts? Is this still a pause/profit taking before resuming higher, or have we hit a short-term top (240-ish)? Have we changed the short term to mid term trend to bearish, and what levels would you be looking at. I know that 237 looks like support (prior resistance); do you think we could breach that (go lower) at this point?
Steve, last 4 days slow grind lower actually favor the buyers. I’d rather see this than Island reversal. Gap has been filled today, so it might provide some support here next few days. 20EMA is at 235ish, so even if it comes down to 235, trend is still bullish. Not bearish at all, just a normal pullback to digest gain last 4 days.
Hi Kim,
With the price of the SPY on Monday and today (3/6 and 3/7), the SPY filled the gap from last week. You mentioned several times in your video that as long as the gap remains open (unfilled), bulls are most likely OK. Now that the gap is filled, what are your thoughts? Is this still a pause/profit taking before resuming higher, or have we hit a short-term top (240-ish)? Have we changed the short term to mid term trend to bearish, and what levels would you be looking at. I know that 237 looks like support (prior resistance); do you think we could breach that (go lower) at this point?
Steve, last 4 days slow grind lower actually favor the buyers. I’d rather see this than Island reversal. Gap has been filled today, so it might provide some support here next few days. 20EMA is at 235ish, so even if it comes down to 235, trend is still bullish. Not bearish at all, just a normal pullback to digest gain last 4 days.