SPY close analysis 9/26/2023

Unfortunately, yesterday led to continued downside. Oscillator is crossing back down and threatening its headed into oversold territory.

We now have multiple gaps above acting as resistance. I think we'll see a "breakdown zone" retest (430-436) but at this point the 200 day EMA and the old draw on liquidity is closer and thus much more likely to happen first.

In short:

• Rallies are to be faded
  
• Approach pumps as scalps (day trade only
  
• Bulls need a gap up or some other supportive action in order to have a sign of strength
  

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Check out that pierce of the 200D ema and then subsequent bounce! Wowza!

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