SPY: Retest 363 (June low) - Road to <330 by Q2 2023 if not soon
I fully expect a bounce at some point next week, but the most bearish break from our market rally over August (pink diagonal) appears to be a current trend, with the Friday wick breaking below only to close at it. It's only market top to market bottom, I don't practice santeria, and this ain't no crystal ball. RSI is entering oversold territory on dailies, and despite declining market, close on Friday showed there are still buyers playing contrarian. Counterpoint is weeklies still show advancing sell volume and a 21-50w MA cross, so I expect it will go lower sooner than later.
Short term PT to watch for: break below 363.53 for continuation of sell off. 371 - 374 for reversal bounce, potentially as high as 377, but decent resistance along the way.
Longer term I expect European markets are in for more pain, central banks the globe over are tightening faster, and SPY will hit <330 before this time next year.
Please ask any questions and offer any feedback, I look forward to your thoughts.
Short term PT to watch for: break below 363.53 for continuation of sell off. 371 - 374 for reversal bounce, potentially as high as 377, but decent resistance along the way.
Longer term I expect European markets are in for more pain, central banks the globe over are tightening faster, and SPY will hit <330 before this time next year.
Please ask any questions and offer any feedback, I look forward to your thoughts.
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