The market opened flat this morning, but quickly made it's way lower in early morning trading. Just after 10:00 SPY fell to 498.75, and once again testing the 500 level. It did find support at that level, and by noon it had rallied to 502.46. SPY drifted lower over the next hour and a half, falling back to test the 500 level once again at 500.74. Another rally off that support took SPY to a new high for the day at 502.87, just after 2:00. That rally quickly evaporated, and Spy soon found itself bouncing around that 500 level. This time that level failed to hold, with SPY dropping to 498.98 before closing just above that at 499.51.
Yesterday we pointed to the 504 level as an important area to watch. Today SPY bounced between just below that level on the high side, and 500 on the low side.
We are continuing to monitor the sequence from the October 2022 low. We currently believe SPY is in Wave 5 of that sequence with a minimum target of 517. We will be reviewing the counts in our Weekend Update.
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