WELL..
Added 2024-05-31 20:52:08 +0000 UTCWe remind our viewers that $SPY still had roughly 4% gain this Month, and most of the pull back occured this week only after hitting fresh new highs of 534 day after $NVDA posted earnings. While on the daily, we did lose the 5DMA and 20DMA (both are actually converging) it'll be interesting to watch next week as market receives jobs data including JOLTs, NFP, etc. the following week is FOMC / CPI all on June 12. This will be a major event to watch.
Once the MA's converge, lets see if prices bounce back above or stay below. During April, roughly mid way through, prices stayed below those two moving averages and we saw a significant drawdown. Will it repeat?
Cases to be bullish includes all shorter time frames STO is near floor. $VIX is almost overbought and $SPX is almost oversold again on the daily.
Next week plan attached.
