The Long Investor

$SPY TOP 20

Added 2024-05-03 13:45:55 +0000 UTC

$SPY tested exactly at the 50 Day MA at the opening today, the bounce was helped by a weaker jobs opening report.

So far the price has held under the 50 Day MA for a second test of this important moving average.

A hold here below this level would mean for the second week in a row, the 50 Day MA has offered strong resistance

Likewise, finishing above this level will give bulls some chance before taking on the 0.618 Fib level at $513 which I spoke about in last weekends update, this was a resistance level that the bulls could not get above in the Wave 4 pull back in August to October.

So a lot is at play here and I won't say for definite which way it is going to go because that would be unprofessional, we play the price action and right now, it is testing a resistance level for the second time from below....that is the defining factor here.