In the past few weeks, I have never seen a stock market like this in my entire life...
A market of just constant sideways action with no clear momentum for both sides of the aisle:
The bulls like me & the rightfully concerned bears... who see the Debt Ceiling crisis & the Fed adamant on holding rates at 5%+ as a very strong headwind against this current market
However, due to a lack of Bullish & Bearish Momentum, this market feels pretty boring...
I have outlined 2 different direction the SPY could go, we are basically sitting in a boom or bust situation
The reason I show you 2 different scenarios is due to the mixed messaging I am currently seeing on my indicators
on one hand, the Traders Dynamic Index is telling me we are strong & there is some room to rally
The other; the RCI, is telling me we are cresting before what looks like a drop / pullback
While I can't bring no clear 1 way answer to this chart, all I can say is... do with this information what you can
A market of just constant sideways action with no clear momentum for both sides of the aisle:
The bulls like me & the rightfully concerned bears... who see the Debt Ceiling crisis & the Fed adamant on holding rates at 5%+ as a very strong headwind against this current market
However, due to a lack of Bullish & Bearish Momentum, this market feels pretty boring...
I have outlined 2 different direction the SPY could go, we are basically sitting in a boom or bust situation
The reason I show you 2 different scenarios is due to the mixed messaging I am currently seeing on my indicators
on one hand, the Traders Dynamic Index is telling me we are strong & there is some room to rally
The other; the RCI, is telling me we are cresting before what looks like a drop / pullback
While I can't bring no clear 1 way answer to this chart, all I can say is... do with this information what you can