Chart of the day

Where do we stand fundamentally?

SPY is an ETF that is tracking the SPX Index the widest benchmark of the US stock market. It is also most driven by tech companies and yesterday Nividia earning report could help its new leg higher.

SPY is supported by 555 level for a ride to 570 which is the most important resistance for a continuation higher in the fifth wave. We need to see a break above 570 for the upside continuation in the fifth upside wave to happen.

An invalidation level of a fifth wave long-term extension higher and a bullish cycle is 100. As said this extension higher could lead to 170 and 200 target in the medium-term to long-term if we get a confirmed break above 131.

_{Try a long trade entry with a stop loss below 550 to target 590 and higher upon a break above 570.}