SPY, Nifty 50 and DAX Updates - Quick Note

S&P 500

Stock markets around the world are following the US Stock market down. The S&P 500 is in a down-cycle which started on April 4th. Today it logged 5 days down and a correction of almost 5% from the top. Although the SPY is stretched to the downside and is arguably oversold, it is yet to find buyers. Tomorrow is Options Expiration day and we may get a bounce. Nonetheless, with the SPY below down-sloping 10 (pink) and 21 (blue) EMAs, patience is advised before buying. The Fibonacci Pivot Point Support levels at $498 or $490 have a good chance of getting hit before buyers step in with force.

Our Energy Cycle has been our most accurate cycle in 2024. Here is our Energy Cycle for the S&P 500 to June: