The Long Investor

$SPY TOP 20

Added 2024-08-14 10:53:26 +0000 UTC

How fitting is this?

There are no changes to the chart uploaded since last weekend ot the weekend before that.

Price has bounced back up to the 50 Day MA which is also the retest level as we approach the CPI print shortly.

If there is a rejection at this 50 Day MA then the price is coming back down and moving to Wave A, breaking above this level and holding, then $SPY can move higher to test its ATH level again.

It is not a surprise to see the price at this junction exactly as we wait for the CPI data to be released, the market has moved where it should be while it waits for a very important announcement.

I do believe the market has run very strong since its large sell off last Monday, mainly driven by the rebound in the Semi sector.

I think if CPI comes in hot, as in, it moves higher, this will be a headache for everyone, the Fed will have a difficulty cutting rates in Sept and the market will ultimately behave with a lot of volatility until the direction is settled.

I expect the print to come in line or slightly cooler, allowing the Fed to cut in Sept as planned.