$SPY TOP 20
Added 2025-01-28 11:56:40 +0000 UTCAfter all of the drama yesterday, there is not a single change to the $SPY chart from the one I uploaded on Sunday, nor is there a change to my commentary either, it moved as expected
The 50 Day MA got tested and the price action is just above this level now, I think there could still be some more volatility in this pull back because we expect to see 3 waves in every pull back, so a relief bounce today, followed by more downside to the 0.5 Fib or 0.618 Fib at $588 should not surprise anyone this week
The Big Day for volatility was always intended to be on Weds, as the market waits for the Fed's Interest Rate decision and the Mega Caps report.
So let's keep to focusing on the charts and our plan, it has guided us clearly so far.
I think the best course now for the Fed will be to make no changes to the Interest Rate....they can not lower rates and state that inflation should be going higher, the market reacted terribly to this news because it was simply a contradiction and riddled with uncertainty.
