Technical analysis by Madrid about Symbol SPYX: Sell recommendation (6/27/2024)

It is hovering at the #ATH levels. Which is very bullish. Currently it’s entering into a negative momentum divergence, which means higher prices with lower momentum, it’s like a projectile which still goes up with a deceleration in progress. The stochastic point to Overbought levels. In a trending market it can remain in overbought and keep on going higher; however, the negative momentum is the signal that points to a possible end of this Bull leg. This is encompassed with a profit taking area and trend correction, in line with the end of the 2Q24.