$SPY TOP 20
Added 2024-04-23 10:33:10 +0000 UTCI have added the 1hr and daily chart above.
We can see on the daily chart that the price finished at $499 yesterday and the 200 Day MA is at $510, so we still have a long way to go to test the 50 Day MA which I suspect can happen during a strong earnings week.
But lets not distract ourselves from the clear trend here downward, any pops now are small reliefs to the overall trend, I saw a lot of people get fooled by this yesterday online, however I did not see any tunnel vision from our members in our group so that is something I am happy to see
One member made a very good comment: 'The art of doing nothing'....he summoned it up perfectly.
On the 1hr chart, the price continues to be under the 50 and 200 MA too, further confirming the trend.
But remember a retest of the 50 Day MA is what we want to see and a rejection here to confirm Wave A....I have gone through the last 30 years of corrections and everytime bare 2020 we have seen a retest of the 50 Day MA from below and then a further pull back.
