8/9/2020 Stocks continue higher surpringly and nears all time highs, but I’m not bullish medium/long term yet. I think SPY will break out to all time highs, but then have a substantial pullback (~20%).

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Hi everyone, welcome back. I hope you had a nice weekend!

We will probably move quite a bit higher above all-time highs in the short term due to the upwards momentum, but then break lower. I still think we head towards the low 270 range once technology stocks pull back.

Also note the large weekly RSI divergence in the weekly chart of SPY below. 

SPY weekly 8_9_2020

I’ll keep you posted with a mid-week update if anything interesting develops.

I always remind myself that it’s better to be patient and not lose money, then to lose a lot of money buying at the wrong time. 

 

Published by bigfry

Hi, I’m Nathan. I graduated from Boston University in May of 2020. I majored in Finance and minored in Piano Performance. I’ve always found the financial markets fascinating so I decided to start this blog to share my experiences. Outside of stock trading/investing, I enjoy teaching and playing piano, fishing, watching anime, and teaching/playing "Go," an ancient Chinese strategic board game.

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