The SPY Tops Out, Beginning Bullish Consolidation Pattern: What To Watch In The Stock Market
Portfolio Pulse from Melanie Schaffer
Ahead of the Federal Reserve decision, the SPDR S&P 500 ETF Trust (SPY) showed a possible bull flag pattern, while the CBOE Volatility Index (VIX) plunged over 5%. Traders can use MIAX's SPIKES Volatility products to trade the volatility in the stock market.
June 07, 2023 | 12:29 pm
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POSITIVE IMPACT
The SPY formed a possible bull flag pattern, suggesting consolidation. If the pattern is recognized and the SPY breaks up from the flag on high volume, the ETF could reach up to $446 in the future.
The SPY formed a possible bull flag pattern, which suggests consolidation. If the pattern is eventually recognized and the SPY breaks up from the flag on high volume, the measured move is about 4.8%, which suggests the ETF could reach up to $446 in the future.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The ProShares Ultra VIX Short Term Futures ETF (UVXY) plunged over 5% during Tuesday's trading session, indicating oversold territory and suggesting a bounce.
The UVXY plunged over 5% during Tuesday's trading session, working its way into oversold territory, which suggests a bounce. When the bounce takes place, it will indicate volatility is increasing.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100