SPY close analysis 5/31/2023

The last candle close of May was a pullback to the most recent swing low/swing high 0.5 retrace. Bulls seek to remain in control but are exhausted here. Taking a breather and expecting some price action off the 0.5/0.618 retrace while we "pause" is entirely expected.

From a price action perspective I see a lot of selling pressure above meaning that selling could continue through tomorrow. 5 of today's 6 candles had quite the wick on top.

My prediction: Long through the week. 414-415 continues to hold support through the week as we slowly gather steam to break into that 425 zone I've been calling for quite a while now.

If 414-415 zone breaks, it's back to the 409/410 zone that I hate. I'd rather not see that, so let's hope the former sticks.