SPY non technical but…the older folks who only check their acct every so often or the folks who only do 401k and rarely follow…they probably didn’t sell the last two days and will probably get a glimpse of their account this weekend with everyone talking about recession..andddd dump Monday? I mean it’s not bonds are safe havens for them.
Given the abrupt nature of this week’s decline, the odds are increasingly pointing to a major market top being in place—potentially marking the end of the bull run from the 2009 lows.
However, as long as price remains above 485 (0.618% ext. of wave (1)-(2)), a final macro wave up toward 660–700+ cannot be fully ruled out.
SPY Everyone should remember that euphoria and overconfidence are the emotions associated with the last phase of a market cycle. We’ll see where this ends up on Monday. Big swings the rest of this year.