The stock market dropped 20% and is now in the process of bouncing back. SPY (S&P 500 ETF) is approaching a critical resistance zone between 550 and 570. This is where the 50-day and 200-day moving averages are. And that is where the breakdown occurred a month ago. This is going to be a real battle. I don’t think it is going to be easy to break through this zone on the upside without some favorable resolution to tariffs or good news on the economy.
Place your bets, Ladies and Gentlemen.
Dennis
