$SPY TOP 20 UPDATE
Added 2023-03-08 22:56:20 +0000 UTCVery little has changed here from the chart uploaded at the weekend, we expected a bounce for Wave A (amber), it went a little higher than expected, even went above the 200 Day MA, I alerted that a rug pull would come then because it looked extremely extended at that stage and almost instantly it dropped like a stone, forming a nice structure so far for Wave B of 2, still early to say if this is complete. What I am watching is that it is under the 50 Day and 200 Day MA now and below the wedge again. I still expect another bounce but I would like to see it reject the wedge again, this will be a very strong signal that the move is bearish.
Big 2 days still ahead as the market digests Powells comments and that the market is considering now that a 0.5% rate hike will come in March, up from 0.25%. Jobless claims figures are out tomorrow and payroll figures on Friday, both will be important indicators.
