$SPY TOP 20
Added 2024-04-07 11:37:35 +0000 UTCI spoke in detail on the $QQQ chart about what I expect from earnings and CPI this week so I will not repeat myself here because I know most members read both of these charts together, so it is worth reading the commentary under $QQQ if you only choose one each week.
$SPY is also at an important Fib level and has struggled to convert this level to support at $516.
The 50 Day MA is a good bit lower compared to the $QQQ and is sitting at $506...so the tech sector appears to be struggling a little more than the overall market, as I believe rotation has helped to hold onto to equity.
CPI print this week will be important and a hot print will likely bring the $SPY down to $506 to test.
The 50 Day MA has not been lost since Sept '23, when we initiated Wave 4 and this was a difficult few months and that was only Wave 4....so lost the 50 Day MA shortly, will trigger the ABC correction which is generally harsher.
Big week ahead, Earnings season kicks off and CPI print....I will not be reacting to any volatility this week, I will focus on the structures.
