Posted in Newsletter
By: Tom Gentile on October 9th, 2021 • 1 min read
SPY gave up its run of making new all-time closing highs today with a second bearish reversal candle in a row. Even though it happened yesterday, it still made a closing high.
It shouldn’t be a surprise that nothing foes straight up forever and a day or more of pullbacks do happen in uptrends, we just don’t want to see pullbacks that break support and turn into corrections, (unless you see those situations as buying opportunities).
I provided the image of the SPY last week with the Tom’s Auto Fib’s annotated on top of the chart so I won’t do so again, but if you want to say what is a pull back price area that may act as a pending support area one can go do that in the tools again yourself.