$SPY TOP 20
Added 2025-01-02 11:15:49 +0000 UTCPositive movement in the PM this morning for both $SPY and $QQQ, bulls are going to make another attempt at the 50 Day MA from below after so far holding at a higher low.
$593 is the level that needs to be flipped back to support.
The first trading day of the year can set the tone and there is no reason why we can not have one more leg up and finish at the Melt Up level before starting the correction.....I think this would also help many to get prepared.
But any rejection here at the 50 Day MA at $593, followed by a lower low below $581 then this needs to be respected and this is a firm rejection and the 200 Day MA comes into play next at $553.
