Technical analysis by MrGekkoWallSt about Symbol SPYX: Sell recommendation (1/16/2024)

1 - The seasonality of the first quarter in a general election year is typically not positive. 2 - The index has gained significant ground in the last months of 2023, now nearing the all-time high (ATH). A correction should be viewed with equanimity. 3 - I believe there's a good chance that some pessimistic catalyst will come to the forefront around March. 4 - Expectations for the rest of the year are positive. Momentary panic could serve as good fuel for the continued upward momentum of the market.Failed miserably. The laterality was about accumulation, not distribution. Anyway, the upward trend remains.