Thursday, March 16, 2023

Thursday Update 03/16/2023

 SPY gapped down at the open, moving lower to 386.29. From there we saw some sideways action, with SPY moving between yesterday's close, and the opening low. Just before 10:30am, SPY began to move higher, reaching 394.45 before noon. After a slight pullback, SPY moved to 396.14. From there we saw mostly sideways action with SPY hitting a new high for the day at 396.47 shortly before the close, and closed at 396.04.


We have now seen a considerable rally off the Wave C low I identified yesterday. As I stated yesterday, once this wave completes, we should see a pullback near the magnitude of Wave A, which was ~5 points. This should then be followed by another wave higher to complete Wave 5 from the March 13th low.

Your support is appreciated.

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