SPY to last low and beyond
The Bear case scenario described previous just got another validation. Post rate hike reaction tells of a higher probability to revisiting the last low.
A strongly bearish candlestick accentuates the bear case.
The thing here is that reaching the downside target of 325 is clearly within reach.
Whichever way it takes: either closing the week on a technical bounce, or breaking down further, this trendy rout is not ready to end till November.
Perhaps more pressing might be the yet unseen collateral damage in this "no soft landing" scenario. A black swan type of event could just tip the drop off a cliff.
Plain and simple. Heads up.
A strongly bearish candlestick accentuates the bear case.
The thing here is that reaching the downside target of 325 is clearly within reach.
Whichever way it takes: either closing the week on a technical bounce, or breaking down further, this trendy rout is not ready to end till November.
Perhaps more pressing might be the yet unseen collateral damage in this "no soft landing" scenario. A black swan type of event could just tip the drop off a cliff.
Plain and simple. Heads up.
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