Nov. 27 at 12:47 PM
Raise your hand if November was insane for you..? Bear or Bull. Wild volatility and now a massive V recovery. But, does the bull market continue?
Here is a look at
$SPY
A retrace to support level 1 with a bounce is a strong indicator the bull market continues.
A retrace to support level 2 signals a 50/50 chance, but at that point is creating a right hand shoulder (head and shoulders pattern).
A downside break below 660 signals extreme caution for the bulls. 650 break signals the start of a bear market.
I’m still rooting for the bulls. This year a Santa rally is required to maintain a longer term bull market. Likely the most crucial year yet based on the chart and over-valuations outside of the Mag 7…
$SMX $ITRM $GTBP $RIVN