A disappointing CPI report sent the indices markedly lower at the open, with SPY dropping under 495 to 493.95. After drifting lower still to 493.22, SPY tried to rally back towards 495. It did slightly move above that level into the noon hour, but saw more pressure through the afternoon, falling to a new low for the day at 490.72. That sparked a late day rally that took SPY back above 494 and closed at 494.08.
In the Weekend Update I outlined a scenario that would take SPY above 517 before we saw a correction. If you recall, that scenario featured a wave sequence from October 13, 2022 low of 348.11.
In this scenario SPY is in Wave 5 of a 5 wave sequence that should terminate above 517.
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