SPY-Losing some momentum
In this week post, we display the levels of the current market and the forecasted direction of it, as we earlier forecasted, the market is in a bias and may continue the current direction at least until this year’s end, the reasons are in this market outlook by our research team, levels are high and the market seems to have lost some steam last week, we predict that the levels will remain high for the upcoming months but, as we said earlier, we do see this momentum continues as our forecast for the market for the short-medium term is 320-325 levels, Fibonacci played it’s part last week and set the correction levels in place, plus the all-time-high of 315 is still a short term resistance hanging over the market.
To conclude, technically, we have lost some momentum, as expected in these market conditions of all-time-high but for the longer term we are still bullish with higher price target.
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