Technical analysis by FermiParadox about Symbol SPYX: Sell recommendation (11/2/2023)

If - like me - you hold substantial parts of your cash reserves in BTC rather than USD or other FIAT currencies, there was little reason (at least as an investor) to swap your cash with US stocks in recent months. The chart here depicts the S&P 500 index, measured in BTC-Cent (0,01 BTC) units. Since Feb. 2021, the index is running in a bear flag pattern with an upward fakout only once amid the krypto banking crisis (FTX crash) of Nov. 22. Soon after, S&P 500 stock performance resumed a steady path of decline, dropped beyond the lower boundary of the bear flag with to failed attempts to reenter the bear flag and a sharp follow-up drop recently. So a lot of reasons exist to be bearish. Sure, S&P cannot decline the whole length of the bear flag's flagpole. Otherwise we would end up below zero. What does that mean? Don't know.