10/20/23. Market is still pretty weak today.
As I said yesterday, the 2nd line of support of SPY 426 does not hold long enough, and now SPY is testing the very recent low 421 area. Most likely, the SPY will close above 421 today. Otherwise, it will trigger panic sell pressure this afternoon or next week.
If you plot the chart from July to now. The down-trend pattern is pretty clear, i.e. lower-high, and lower-low pattern month to month. This similar patterns happened in the last several days.
Looking forward, Looks like the market will more likely break down the SPY 421 support line next week and to find a new base around SPY 400 area.
Follow the chart / trend, and good luck.
