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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

10/10/22

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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