We had another crazy day in the market today. The S&P 500 closed at a new 52 week low, the last time we were at this level was Mid November of 2020. We are in a serious downtrend and new inflation numbers are due out tomorrow morning before the market opens. Spy looks like we could be headed down to $345 with support coming in at $345.5, $351, $350 and our updated price target of SPY $345. It’s very likely we will have a counter trend rally soon, but it looks like the bears are not done yet. Theres a gap at $373 and resistance is $385 which is a long way from where we are now.
It’s gonna be an interesting one thats for sure.
G. Allan Collins