Cautious Optimism: SPY After-Hours Rally Tests Technical Limits
$SPDR S&P 500 ETF Trust(SPY)$
Huge 2% move up for SPY after hours 🚀
Price is now pushing into the Daily and Weekly fair value bands which are both still red.
If we are going to see a rejection this is the level where it happens.
As we covered in last week's videos if the short term trend flips bullish again and the monthly BX closes a higher low this would confirm the bottom.
For now I am staying cautious.
Note: I want this to be the bottom for $SPY and $QQQ just as much as anyone.
As you all know I do not short and my fund is fully exposed long right now.
The market moving back toward all time highs would only help my positions.
But I have to stay objective regardless of what I want to happen.
The reason I am out of most big tech is simple. The majority of those monthly BX readings are dark red and the system does not support being in them right now.
That has nothing to do with sentiment and everything to do with what the indicators are showing.
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