The Long Investor

$SPY TOP 20

Added 2023-10-06 15:47:43 +0000 UTC

Ok we got a drop at the opening but the $SPY did not make a new low and now we are up now pushing towards the +1%....this is a large swing and notably I spoke about this yesterday, wanting to get above the 50 Day MA on the 1hr chart, to show signs of reversing.

The price is above the 50 Day MA now so we need it to stay above this level, $425.30.....if we can stay above this level, this could be the very early signs of reversing.

The bulls have come out in a strong defence and do not want the price to go any lower than the 200 Day MA....because is it does, the entire structure becomes invalidated and they know that too.

At the risk of saying anything I regret......this is certainly a positive signal for now.