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Assessment: Very ominous sign yesterday at bulls tried to pop the market up at the open but the 50 day SMA held back the rally and in the end it was a flat day. The candle is pretty telling. It’s not to say that in the days ahead the bulls don’t regain the 50 day SMA, but the weakness shown right now seems to foretell that a larger sell-off is in the making…eventually. Volume very strong this week BUT it could also be the last action of the year. We might be seeing action today because traders are moving their positions for 2025 and will be taking off the next two weeks which is pretty much normal for this time of the year. I am excited that a real trading environment of volatile up and down action will be coming in 2025!
SPY Chart: https://sblk.io/s/EpbwIncJfOuwUn9
Good luck in your trades!