SPY is adamant to continue its rise until the testing of the 200 SMA at 299-300.
Last week trading is emblematic, with the tone set on Monday with the monster rally and gap up due to the Moderna vaccine 'news', slowly sold off through the week as it was essentially fake news, and bumped up despite horrible news from China on Friday due to the miraculous Fauci appearance on CNBC on more Moderna spin.
If not Moderna, they will come with other positive vaccine news to create positive headlines. This will be enough to get us to the 200 SMA testing. From there on, I could see the positive drift to continue for another 10ish points tomake sure retail continues to believe that everything is fixed and stonks only go up.
Last week trading is emblematic, with the tone set on Monday with the monster rally and gap up due to the Moderna vaccine 'news', slowly sold off through the week as it was essentially fake news, and bumped up despite horrible news from China on Friday due to the miraculous Fauci appearance on CNBC on more Moderna spin.
If not Moderna, they will come with other positive vaccine news to create positive headlines. This will be enough to get us to the 200 SMA testing. From there on, I could see the positive drift to continue for another 10ish points tomake sure retail continues to believe that everything is fixed and stonks only go up.