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Blog Post: Day 23 of $QQQ short term up-trend; Only 70 new US highs and 62 new lows; This weekly chart shows $SPY is at a critical point, another leg down on tap?
SPY is above its 30 week average (solid red line) but has hit a wall at its descending down-trend line. It is also floating above its 4 week average (red dotted line), a sign of being extended. If SPY should close back below its 30 week average it could signal another vicious leg down. Look what happened last April. Stay tuned and remain on defense…..
