$SPY TOP 20
Added 2024-09-08 17:26:08 +0000 UTCI have decided to add a list of economic data events for the week ahead in my weekend review, so I will add this to the $SPY or $QQQ chart, depending on its relevance, this week I have added it to the $QQQ chart so please review this chart along with $SPY.
$SPY has been slowly pulling back and giving back a lot of its gains from the August bounce but right now it is nothing more than a standard pull back as it makes its way down the green fib support levels.
Losing the 0.618 green Fib at $531 would cause some concern in the market and a flush down to the 200 Day MA is possible next then
I believe $SPY is not in Wave B yet and this could still be Wave A or an extended Wave 5
Levels have not been lost yet, nor has the 200 Day MA been lost
Bulls were happy that the $SPY bounced strong in August but Bears will be happy that the price rejected before making a higher high at the green line and now pulling back
Nobody should be confirming which direction this is guaranteed to go in next, as it is a 50/50 split right now
The overlying concern is what month we are in and it being an historically difficult month and October too, with the prospects of the Fed announcing a Rate Cut this month which is not typically an indication that the economy is improving.
