Hello traders,
As we have forecasted in previous posts, the SPY had reached the 320 levels, SPY is in correction mode after a few days where the market was overbought for a while with lower lows on the Volume MA20, The 4 hours chart of the RSI showed high levels of overbought and so we have the anticipated correction, which, once again is a GOOD thing since it is a sign of a healthy market.
We see this correction reaching the 318 levels and then moving upwards from there.
Technically, we have lost some momentum, as expected in these market conditions of all-time-high but for the longer term, we are still bullish with higher price target.
This is the perfect market to cherry-pick investment assets as this market hides the real gems that may fly as the market stays in consolidation mode.
Interested in cherry-picking? see this! use our service to your benefit.
Trade Safely,
Alon
