$SPY TOP 20
Added 2024-06-03 02:29:14 +0000 UTCSo no surprises this week with the $SPY chart, we said last weekend to expect a pull back to the 0.38 and 50 Day MA and this is what we got.
Wave 4 pull backs can be expected to pull back to the 0.38 Fib before going higher and the price managed to slightly dip below but bounced strong into the close on Friday to comfortably hold above the 0.38 Fib at $527
We need to see how tomorrow opens to confirm that Subwave 4 is complete now but I am seeing nothing abnormal here apart from a standard pull back before going higher to complete Wave 5.
There is no reason to react to anything here with this set up.
The one variable I will be watching is if $NVDA decides to start its correction which many believe it won't happen right now.
