The last few weeks I’ve been quite bearish, but quite the opposite has happened. We are now approaching all-time highs, so I’m now neutral and don’t know which direction we will go.
Above are some levels to watch for in the weekly chart of SPY. 280-290 is the resistance zone where most people are looking to sell, and the major support level is near 250 which was 2018 February lows.
I’m neutral now, and my prediction is that we stay within the 250 to 280 zone for a while. In otherwords, I think we move sideways and stay rangebound.
See you next week!