Hi everyone. Below is the weekly chart of SPY. Since we dropped Thursday and Friday, I suspect we will have a bit of continued selling next week (at least on Monday and Tuesday). As a result, I think we close neutral or down about 5%. If we move down, we will probably retest 270 rather quickly, and anything below that would mean a retest of the 250s (~10% lower from 270).
Sentiment is still quite bearish so we could see continued buying until more people are bullish, but I still think it is more likely we move lower next week. Thanks for reading!
“Sentiment is still quite bearish so we could see continued buying until more people are bullish“ —> Should we view AICC sentiment indicator as a contrarian view? Because, I am bit confused with the quoted statement
LikeLike
BTW, thank you for analysis and sharing your insights.
LikeLike
I’m glad you like my blog
LikeLike
Hi, yes, we should us AAII sentiment indicator as a contrarian view!
LikeLike