SPY: A CORRECTION BEFORE 500
SPY has fallen into a descending wedge pattern of lower highs & lower lows. Will be paying attention to this exact trading zone in coming weeks & months
Our worst case is we retest our 200 MA price at $420 before resuming the uptrend
Inflation is moderate, Fed's expecting to cut in 2024, have patience, things will get better, but it could be a rough few weeks, potentially 2-3 months
UNLESS,
SPY can get above our wedge & hold 453 as support instead of resistance
I am fully expecting S&P 5000 by end of 2024, andSPY 500
Our worst case is we retest our 200 MA price at $420 before resuming the uptrend
Inflation is moderate, Fed's expecting to cut in 2024, have patience, things will get better, but it could be a rough few weeks, potentially 2-3 months
UNLESS,
SPY can get above our wedge & hold 453 as support instead of resistanceI am fully expecting S&P 5000 by end of 2024, and
SPY 500
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