Fears Have Fizzled
Updated: May 1, 2021
Today was an interesting day for the market. $SPY was being tested at MA 200, the critical point to determine if the bull market would continue. It was a matter of meltdown or smiles. I am very glad a bounce back up to $376 dollars per share held. SPY must continue to climb past the MA 200 in order to fully rebound.
10:19AM on Feb. 1st, 2021 was a very important minute. It almost began the beginning of a market meltdown. Surprisingly, the S&P500 lifted much higher than expected today. Sometimes, when stocks climb high like we experienced today, it opens lower the next day.
Today was close. Too close. I hope the 50MA never tests the 200MA on the hourly chart for another few months. That could have been detrimental.
In recent updates, the future market looks solid. I'm glad that dip from last Friday wasn't the start of a market meltdown. Who knows, I may have spoken too soon.
Cheers today, calls away. Looking like the dot com bubble these days.