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Assessment: We dropped yesterday and bounced right back today. Starting to look like a double top given the action at this level….and the low volume for bulls on this second potential top.
SPY Chart: https://sblk.io/s/Z0RdIZI1hNCJFoZ
I don’t expect much action next week. This year has been the year of the holiday for traders. In the past, traders would leave on Thursday or Friday before a long weekend or a holiday week of some kind. Now traders seem to take off the entire week before the holiday and then the week of the holiday. LOL! So, I am not sure if we will see any good action next week, but I will be watching.
What a better setup though? Create a bull trap on low volume to suck in bulls and setup a double top. Then grind sideways or slightly higher, and then when traders come back for the seasonally weak period of September and October, you pull the carpet out.
Let’s see any hints they provide or setups offered!
Good luck in your trades!