$SPY TOP 20
Added 2025-02-02 20:02:52 +0000 UTC$SPY and $QQQ chart are identical and so is the commentary so I won't waste time repeating myself here. Likewise $BTC has already shown us what to expect from the market at the opening tomorrow, so please no concerned comments tomorrow when you look at your phone and see the PM.....we plan, not panic. (I liked that)
The 50 Day MA is at the 0.38 Fib now at $597 but a pull back typically makes a lower low in 3 waves so the 0.5 Fib at the very least makes sense here at $593, unless a triangle has formed.
This Wave 5 would have a long way to go below $575 if it was to break down and I do not expect that to happen in 1 session, so calm heads always.
Calendar this week:
Monday, February 3:
9:45 AM ET: S&P Global Manufacturing PMI (January Final)
10:00 AM ET: ISM Manufacturing PMI (January)
10:00 AM ET: Construction Spending (December)
Tuesday, February 4:
10:00 AM ET: Job Openings and Labor Turnover Survey (JOLTS) (December)
Wednesday, February 5:
8:15 AM ET: ADP Nonfarm Employment Change (January)
8:30 AM ET: Trade Balance (December)
10:00 AM ET: ISM Non-Manufacturing PMI (January)
Thursday, February 6:
8:30 AM ET: Initial Jobless Claims (Weekly)
Friday, February 7:
8:30 AM ET: Nonfarm Payrolls (January)
8:30 AM ET: Unemployment Rate (January)
8:30 AM ET: Average Hourly Earnings (January)
