$SPY TOP 20
Added 2023-11-02 16:34:32 +0000 UTC$SPY moving very strong today, a lot of positives catalysts have reported this week and the market has reacted accordingly.
Price is above the 50 and 200 Day MA on the 1hr chart too.
It hasn't shown any signs of rejecting yet but if we draw the 0.5 and 0.618 Fib from the highs today, the pull back area for subwave 2 is at $419.55 to $417.20....but be mindful that the 200 Day MA is at $423 now on the daily chart, so the bulls would love to test this level again and hold support here.
No surprise at all if the market needs to let off some steam tomorrow, the main thing we are looking for us is a beat from $AAPL today, so even with the pull back, we can be assured that the trend is still to the upside.
Bulls are in the driving seat right now, the assist from $AAPL will put them in control.
