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Assessment: Getting some volatility and some volume for a change, but we are stuck in a sideways pattern. The market long-term and short-term remains overbought. The market could use a good sell-off to clean up overbought pressures and free up some money for the next run up. However, selling into this market has been a bad idea for most of 2024. The question will be after the strong run the past two years, do we finally see some collapsing?
The bears need a break of $580 which should lead to an acceleration in selling. The red line pivot at $563 then becomes the next major support, we break that and we likely eventually get to $500 before a bounce. If bulls are strong, despite a break of $580, they would hold the $563 and push to new highs.
SPY Chart: https://sblk.io/s/KRXRsAsquxIYi6e
The question is who blinks first. I am watching for a break of $580 and then I will maybe look to grab some $560 PUTS a couple months out and take a shot at a further down move.
Good luck in your trades!