Replies to post #335902 on SPDR S&P 500 (SPY)

[Schneidku40]

I am watching it. As I'm sure you know a bust back up through 155 would likely be negative for stocks as it would mean interest rates are falling again. There is also that pretty good upper trendline from Sep-Jan that might play a part. I could see the price hanging around 153-155 for two more weeks, until that upper trendline gets down to 155, then the bonds break up through both at the same time. That would likely coincide with a stock market selloff of up to 10%. Or, it could get doubly resisted by both and crash down, leading to huge spike in interest rates and probably 10% gain in equities in a month. ihub won't let me put the circle actually off the main chart area. Some potential catalysts next week- Johnson & Johnson vaccine trial results (a third option could make reopening faster, plus J&J vaccine doesn't need special refrigeration. A failure of efficacy would be very bad) plus congress now says negotiations may begin next week on next stimulus (same thing, could be good or bad depending on what has to be given up to get approval).