5/7/26 Recap
The SPY continues this power move higher as it now extends away from the 8 ema and the rsi approaches 80. This is incredible to watch but I would be selling into this if you aren’t in something longer term because we will have a sideways period here somewhere. The rsi doesn’t sit this elevated for too long historically, I would expect a pullback to the 8 ema in the coming days and how we react there will tell us where things stand. The vix is perking up the last 24 hours, something to keep an eye on, maybe we make a few strikes on Iran or even this hantavirus talk going around? We’re 4% away from the 21 ema now which is historically quite a bit and that’s why I think we’re going to go sideways/down a bit here soon.
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