The Long Investor

$SPY TOP 20

Added 2023-09-27 19:05:15 +0000 UTC

I have added the 1hr and the Daily chart here because we are at an important point and we need to see how the price is behaving on a shorter time scale.

Daily chart we can see that the price hit exactly in the middle of the bounce level, between the trend line and the 200 Day MA, which is between $427 and $419, the price hit $422 today.

There has been a nice relief bounce after lunch today and it is far too early to say that this has recovered now and we are into a reversal.

Considering that Powell still needs to speak tomorrow too.

Even on the 1hr chart, the 50 Day MA is a good bit higher at $434 so there is a long way to go before we can confirm a reversal here.

The trend for now is still showing a downward, if your strategy is to add to your $SPY holdings and DCA in if the price goes lower, I see nothing wrong with adding then, as long as your intention is to hold long term.....$SPY is an ETF should should be looking at holding for decades, this is not an ETF you hold for a month.