Key insights
- A technical analyst identifies a potential resistance level for SPY around 725, suggesting the price may struggle to break through this point. The analyst advises against relying solely on market timing but suggests considering technical signals as probabilities rather than certainties. This signal has a slightly bearish influence, suggesting a potential short-term hurdle for SPY.
You’ll probably wipe your ass with this info, and honestly, fair enough, technical analysis is shaky at best. That said, I’m decent enough at it statistically, especially when it comes to calling bottoms. Just to clarify, 'resistance' doesn’t mean the price is destined to crash if it hits 725, it just means it might struggle to push through. I wouldn't recommend basing your entire strategy on market timing, it doesn’t pay off in the long run, but it’s just as foolish to ignore these signals entirely. Always look at this stuff as a matter of probability, never certainty.