3/18/25 Recap

The SPY is back below the 8 ema and under the 565.15 breakout level. The last 2 days were just a countertrend rally, they happen. We remain well below the 200 day just over 570, and the 50 is now crossing through the 100, this is going to be messy for a little while. Tomorrow we have Powell speaking so until then, we can’t gather much from the price action other than it is not bullish. Powell can of course change that with a few well timed phrases tomorrow that comfort investors. If I was to guess, we retest those 550 lows from 3 days ago soon. We haven’t had a bottom in my opinion until we get that heavy move down washout where you get high volume capitulation and a reversal. So for now, we are just treading along.

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