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Major Indices:
SPY - S&P500 ETF: I was wrong about us breaking downward this week. Today was a strong gain up +2.29% and up almost +1.5% this week. BUT, I do believe as I mentioned last week we’re building out a right shoulder similar to Sept downturn as seen on the weekly, I don’t believe this is a move to build off of. To flip bullish we would need to flip on MACD and continue higher on Stochastic. I think we turn downward in momentum like Sept and Oct (Shown with arrows). Today, we also filled the $387 gap and was rejected by 50ma, 80% of the time after filling a gap we usually reverse so we’ll see if that plays out.
Daily:
Weekly: Forecasted move repeating Aug-Oct 22 downturn.