$SPDR S&P 500 ETF Trust(SPY)$ $S&P 500(.SPX)$
$SPX Chart Update:
Well what a couple days it has been eh? But to be honest, a -2.5% peak to trough drawdown is nothing given that the markets are up almost 40% since the Oct 2023 lows. Literally should be considered run of the mill daily noise. We shouldn't kid ourselves here.
I do think we get a little reprieve bounce here and then a further 2% drop down afterwards to the purple support area where the 50dma and the lower channel of the wedge conveniently is located. So around 5,450 ish on the SPX. Then maybe we get a last fake breakdown towards that gap fill area of 5,375 where it might be worth going heavy on the long side if you haven't already there.
Pullback Coming! Will You Shop on Sale?
Semi plunge led the market decline.
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Is this a healthy pullback or just the beginning of correction?
Have you taken profit yet?
When will you buy tech stocks again?
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