$SPY TOP 20
Added 2024-05-05 19:41:06 +0000 UTCAs always please review the $QQQ chart each week along with the $SPY chart because I don't like to overlap the commentary but on both charts and I like to discuss in depth my thoughts on the market.
I have added in the Corrective Wave 4 price action above the current price action here too and again we see incredible correlations. They are quite frankly identical and we all know how difficult the Wave 4 pull back was and ABC corrections can be more severe.
But again, this is not confirmed until we see what happens when there is a test.
So right now, the battle area for the $SPY is between the 50 Day MA at $511 and the 0.78 Fib at $518....which was the exact battle area in August/Sept too....where we saw the price action test each level but on the retest it failed to hold and proceeded down lower.
So this is what I will be watching for
It is worth noting that the 50 Day MA has rejected for the second week in a row under the 50 Day MA....but closed very close to this level on Friday, so bulls could easily make another attempt to get above this level tomorrow.
So please reference this chart for the week and the $QQQ chart and unless there are any changes to what we discussed here, I expect the chart to continue as shown.
If you believe differently we can discuss this but please show your work......someone simply saying 'I think it goes higher' is something that does not benefit anyone, let's educate ourselves.
