$SPY TOP 20
Added 2023-11-12 16:39:47 +0000 UTC$SPY has shown the importance of time in the market, as opposed to timing the market, over the last few months.
Back to +16% performance for the year now and the price is now back to early Sept levels, erasing all of Sept and Octobers losses in just 10 days in November.
The price also is way above its 200 Day MA now and back into its bullish channel which has been in place since October '22.
We were seeing signs of a pull back on Thursday and Friday as the price struggled to get above the 1 Fib, which was a resistance level for the last 2 months but there was a surge on Thursday and Friday after the market interpreted that the Fed is done raising rates now...lead by the Mega Cap stocks.
Moody dropped the bombshell just after the close on Friday so this is a strong catalyst for the market to pull back now, which is long overdue.
The 200 Day MA is at the 0.5 Fib level right now so this is the current area I am watching.
Bulls have certainly stepped in for November, as the seasonality chart has behaved as expected.
We just want this pull back to be controlled and structured now.
We have been waiting for a pull back for a few days now and although we fully expect it, people will still be disheartened from seeing red from their stocks, we all must understand by now that this is all part of the process and the true strength of a structure is determined when support is found from a higher low, we can not move to our Wave 5 target without a pull back first.
