The Long Investor

$SPY TOP 20

Added 2025-04-22 19:35:37 +0000 UTC

At the weekend we spoke about the need for the $SPY to hold above the 0.618 Fib and the market opened yesterday and flushed down more than -3% down to the 0.618 Fib and held.

A strong bounce and recovery today but we can see that the 50 MA on the 1hr chart has been the resistance level today.

So far we have a lower low and lower high since this pull back started on the 14th of April.

More mixed signals from the admin today too, that were supposed to be behind closed doors but Bessent has said that the current relationship between the US and China is unsustainable and will need to be de-escalated.....after these comments made the news, he followed it up with 'talks may be a long slog'....the market has been reacting to this news but overall it has been positive.

If a lower low is made again then I expect the price action to drop below the 7th of April low and we are still in Wave A and this was spoken about on the Sunday update.

Overall, I believe Wave B still needs to come in at some stage.

Earnings season heats up today with $TSLA reporting in less than an hour.

It will be interesting to see if they offer guidance, if they don't, then this is likely going to be the theme for most Mega Caps this season....if the market reacts ok to this position, then this is a good sign.

For now, we must still plan as the chart is showing, we expect Wave B to come in next if a lower low is not made.