The Long Investor

$SPY TOP 20

Added 2023-03-05 11:03:39 +0000 UTC

Strong finish to the week, we were waiting for a bounce and it happened right on the 200 Day MA, it finished back in the wedge and what we want to see is a ABC move for Wave 2 and with no surprise, this would have Wave 2 finish at the 0.65 Fib EXACTLY at the Blue line at 409.70, this blue line has not flipped since Feb 2022, all other attempts have been fake outs and have not held.

RSI is showing that the positive trend from Oct to middle of Feb flipped bearish and is now coming up to retest that trend line from below....failure here to flip this and we can assume this will remain bearish.

Likewise, on the MACD, exactly the same, the trend broke its positive trend in the middle of Feb and turned bearish....though the MACD has not came up to retest the trend yet, indicating still bearish.

This is far from bullish for me, as both indicators show its in the bear case, we are below the Blue support lines and this Wave 2 is not confirmed yet but behaving corrective.

For the bulls, they will like that it held above the 200 Day MA and it is slightly back in the wedge.

Conclusion, there is still a lot to do and it appears that CPI figures Mid March are going to play a big role in deciding this again and it is very simple now, if they come in HOT, this will not be bullish.