Basically, x30 is flipping to x03. x03 isn’t real horrible to buy here, especially with Zmed1 trend following active.
Pretty cool, SPY gapped down to the top of the Island Bottom gap and immediately filled it.
Technically, we are in a decline of at least intermediate strength. The deformed left shoulder on the month and a half long double top makes holding the Sep 24 low of about 320 doubtful. Assuming that gets taken out, that makes the 52 week SMA around 312 the hot topic of conversation.
The monthly chart has the Fib retracement levels on it. The 13 month SMA is around the key 38.2 level and the golden ratio at 61.8 is a little below the 39 month SMA which is about 280. I’m not sure if 38.2 should be the higher or lower number, doesn’t make a whole lot of difference.
