SPDR S&P 500 (SPY)

[risk on]

you are correct, spy can certainly go higher , before it goes down . But, I don’t see how it can go higher and close the month that way , as it would create a tech fallacy in that the 9 ema would touch the upper B.B. (?).

Nothing is impossible , but as it stands the 9 ema has never been this close to the upper B.B. and maintaining a trajectory that would put it directly into the upper BB

It’s one of several firsts in that monthly fractal. Others include; RSI ATH, MACD ath , ultimate oscillator ATH , etc.

Those conditions in and of themselves would not be that prima facia that a drop is eminent, but coupled with the primary concern of 9 ema heading into the upper BB they are, because the only way besides a sharp drop “the touch” could be avoided is if the upper B.B. turns even sharper angle up, and with indicators being more than maxed out, I don’t see how that’s probable.