The SPY came down and tested the 21 ema today and reversed up testing the underside of the 8 ema before getting rejected. Bulls would like to see the 8 ema recovered before we lose the 21 and head down towards the 50 day just over 660, an average we have not broken since April. For the moment we are barely holding onto an uptrend and you have to watch that level around 674 today and understand if we’re closing under that you should lighten up quite a bit. The market is sending warning signs again like I mentioned yesterday with the macd continuing to roll over. This has been an incredible 6 months a period of weakness would be very normal should it occur here. This is not a good looking candle forming so far, but its early in the session.
If you’re a crypto bull I have bad news, bitcoin lost the 200 day today as IBIT fell apart, this hasn’t been below the 200 day since April. This really isn’t time to be a hero with your bitcoin positions, if you’re a long term bull that is fine, but under the 200 day nothing good happens. I wouldn’t be adding anything as a trade until that is reclaimed.
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