Most of Tuesday's action was decidedly bearish. After dropping nearly 11 points from Monday's close, SPY staged a late day rally into the close. That rally saw some follow through at the open, as SPY gapped up to 497.30. After a small pause, it continued up to a high of 497.99. At that point the market turned lower, and SPY dropped to 494.40, nearly closing the opening gap. The rally then continued through the afternoon as SPY made a run at the 500 level, moving up to 499.07 before settling back to close at 498.57.
We continue to target the 517 range for the top of this 5 wave sequence from the October 13, 2022 low of 348.11.
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