SPY Briefing for Friday 9/1/23

I'm changing things up a bit tonight. Instead of giving specific levels, I'm using SPX instead of SPY (the chart is cleaner and I don't have to delete lines) and showing my preferred path, as well as two other ones I see as a possibility. The solid yellow line is the preferred. I expect 452.18 on SPY to contain upside from here and to move back down to 446.72 first, before deciding if selling continues or we attempt a move back to the upside. From there, if we break down below 443.90, a new bearish trend will likely take hold. Again, I'm not saying this is going to happen - it's just the path I expect the most. Now if we do break above 452.18 and buying pressure comes in, we could see an attempt to fill the gap at 456.27, and potentially extend to the trend line. If either of these two paths take place, the road to establish stronger support will be lower and lower. As we saw this last month, the market cannot move in one direction and selling with eventually materialize. Something to consider if you're playing the "new ath thesis."