Hi everyone. As we end the month and the first half of the year, I figured that I would give an update on the most-watched ETF: SPDR S&P 500 ETF Trust (ARCA: SPY) SPY continues to trade in an ascending broadening wedge pattern with higher highs and higher lows. RSI is following suit, with higher highs and higher lows. Some bearish divergence has showed up at the highs as SPY prints an “M” shape at 550. The “M” shape is usually indicative of consolidation or a local top, as it did in March earlier this year. This means participants should be wary of the possibility of a pullback. In the near-term, SPY in the middle of the Feb’23 resistance trendline (in orange) and the Jan’24 support trendline (in pink) in what can be seen as a short-term ascending channel. I’ll be looking for either a
Bye H1! How Do You Plan the Next Half?
The first half of 2024 saw soaring U.S. and Hong Kong stocks. What is the progress of your annual goals? Will you forge ahead bravely or plan to revise your goals? Besides investing goals, how are other life goals going? For example, how many books have you read? How about your gym plan?
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