Domistock Tools Used:
Assets charted: S&P 500 ETF (SPY)
Markets have been correcting for the last few days and DomiStock thinks they might have just dropped enough for now. That is according to the 65%. 3 and 5-period Resultant Direction of the Max Profit Loss Calculator for S&P’s ETF (SPY) which has turned positive, forecasting a diminishing of the supply forces on the next three and five sessions and an empowerment of the demand ones. Additionally, DomiStock has drawn two support levels for SPY, at 208.89 and 208.54 and with the price of SPY already at 208.449 they are already almost 100% in test. Last but not least, according to DomiStock’s Expert calculations, SPY is a Winner Security which means it has the potential to move higher regardless the necessary corrections and its price is deflated which means that the current correction might have gone too far for now.
