The Long Investor

$SPY TOP 20

Added 2025-04-08 18:24:57 +0000 UTC

Quick update on the $SPY, the price bounced from $481 and hit $524 today and the market was looking very optimistic.

And then at midnight Beijing time, the Trump reciprocal tariff kicked in which is a +104% increase tariff on Chinese imports....and this really affected the market and the bounce faded and we are likely going to turn red next....at one stage the market was up +4% which is not a small amount.

On the chart unfortunately we can see a bounce of 3 waves and a harsh decline....this is not healthy and not something we want to see for a new wave starting for Wave B, a 3 wave bounce typically means a lower low can come next.

So this is something we need to watch.

The onslaught of negative news between the US and China today is not helpful and the market is reactive to this and clearly not positive.

The longer this Tariff mess continues, the harder it is for the market to find its feet.

CPI data in the US is due on Thursday.