$SPY may be overbought and subject to a pullback

Daily Chart

• Ichimoku Cloud bullish signal with Tenkan Sen (blue line) rising to equal Kijun Sen (red line)
• Cross reveals price equilibrium for Tenkan Sen, Kijun Sen, and Senkou Span A since all equal 209.68.
• Equilibrium indicates the potential for a pullback
• Dojo reveals indecision at the current price level which suggests investors should be cautious
• CCI indicator reveals that $SPY is overbought supporting the potential for a pullback.

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Conclusion Price is subject to a pullback to equilibrium. Investors looking to participate in $SPY's long-term uptrend should heed the buy low/sell high principle and wait until $SPY pullbacks below the record high. Alternatively, wait to determine price'sirection after Doji.