The market opened marginally higher today, coming off the strong gains of late last week. SPY drifted up to 508.66 in early trading before reversing course and moving lower. That move lasted into late morning, and SPY was down to 507.01 just before 11:30, A small rally attempt lasted until after noon, and SPY was back to 507.88. Another move lower followed, with SPY testing the 506 level, dropping to 506.02 before trying to move higher once again, The rally failed at 507.29, and SPY moved back towards the low of the day. SPY did make a new low for the day just before close, dropping to 505.86, before closing at 505.99.
Our current count remains the same. The late rally last week appears to be the start of Wave 5 of Wave 5 from the October 2022 low of 348.11. It looks as though this Wave 5 is subdividing into a 5 wave sequence with Friday's high marking the completion of Wave 1. Our minimum target for the completion of this final wave is 517, with the smaller magnitude sequence pointing to a high above 337.
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