Re: TA on SPY or $SPX
The real message here, IMHO, is not support/resistance, but the fact that SPY experienced a solid failed breakdown in late Sept, which has led to the largest rally of the year. With new leadership emerging and with sentiment still bearish, a real wall of worry situation is lining up with the positive seasonality often experienced during the 4th quarter. Add to this the fact that most fund managers underperformed most of the year and we could see panic buying if prices push higher without pulling back as managers will be worried about underperforming against their peers.
|
Linear Mode
