$SPY TOP 20
Added 2023-08-27 21:01:28 +0000 UTCLike a lot of companies and the $QQQ, it rejected at the 50 Day MA this week and this was also the yellow resistance line.
The price is now in between the 50 and 200 Day MA.....this has been a common theme all night.
I have put Subwave 4 at the bottom of this white circle, as this is where Wave 2 pulled back too and the bottom yellow trend line.
This would also be quite tough on the market, the potential to be wrong here is that the price could find support on the blue line again at $431, which is has done twice already, last week and in June.
Failure to hold this level and we could see $421 tested again and an extreme level to pull back to will be the 200 Day MA, which is at $414 right now and climbing.
IF the $SPY hits the 200 Day MA, I will be loading the truck and buying as much as I can at this level.
