This is an indicator I created like a decade and a half ago that I use to see short-term market sentiment. It works like an ETF/index in that it's a combination of assets. I accidentally discovered a few years ago that it kind of leads SPY/SPX by a little bit: https://www.elitetrader.com/et/threads/spy-going-to-260.332384/ It doesn't give me targets, just future movement direction, though I only pay attention to when it goes sideways as that is usually a prerequisite for a downward move. It's likely to stop working at any time. I haven't changed it in 10 years though, and in the last two years it took me short at the right times (the last time I didn't entirely go short, I just sort of moved out of certain assets.) The point here is creating an index or indicator that you understand inside and out can be valuable. Do it. I deleted the SPY going to $320 thread btw. Also: the indicator is probably bullshit and I just got lucky a few times.
%% Cant really comment on when SPY goes to $320; but since summer rally tends to be weakest+ weak buy volume + stronger sell volume on SPY+ QQQ.But 15 years old + shortonly a few times in past 2 years , missed 2008 eh??Looks like its about right this month,
I actually didn't pay attention to it in 2008. Should backtest though. At the moment, I think it's not showing anything.