$SPY TOP 20
Added 2024-12-19 10:50:56 +0000 UTCThis is the same chart uploaded on Sunday.
I spoke about this last night, there is a breakdown below the rising wedge bottom line and the 50 Day MA now after yesterdays flush down, so today's session and tomorrow are very important now.
Bulls need to get back to the 50 Day MA and flip this level to support, if the battle is still at the 50 Day MA going into the weekend I would be happy to see this too but what bulls do not want to see today or tomorrow is a retest of the 50 Day MA from below, followed by a rejection to a lower low, this will confirm that the trend is turning bearish...the next support line would be the green line at $565....the market will certainly feel this decline.
Right now, we observe and sit on our hands, we have been in this situation many times and waiting for more information in this set up has guided us clearly, today is no different.
