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The Bulls Need A Bounce… Will they get it?

October 10, 2022
The Money Magicians
The Money Magicians Blog G. Allan Collins


SPY got rejected hard on Friday at the 20 Day Moving Average on heavy volume and it’s looking like the bears can easily take us down to SPY $358 and possibly $350 quickly. We are in a downtrend obviously and we have a trading range of SPY $358 to $378

Let’s keep It Simple as always. If we break above SPY $378 then we could go as high as $390 with some stops along the way. I have to be honest as always. I don’t like this market and as everyone knows we have been short since late December 2021.. look at this Twitter feed. SPY $358 Is Critical Support and if we break on a closing bases I think we will go a lot lower. We could see a bounce before that happens but I believe it will be another lower high. QQQ- Strong is also in a down trend as well. Bull breakout is $284 and then $294 Bear Break Down is $267 than $258



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