The SPY pulled back about 1/3 in two days from recent gain since Oct 4, which is pretty disruptive for the exiting uptrend. Investors are still digesting the Fed, market data, and maybe Mid east war concerns.
Technically, it is not too surprisingly that the market pulled back some gain as I said early “Small pullbacks”. Apparently, the first attempt to filling the gap SPY (435 to 439 area) failed this week.
Looking forward, let's evaluate the short term SPY support point, probably around 429, then 426 area. But I still bet SPY will attempt to fill the gap (SPY 435 to 439 area) again in next 2 to 4 trading days before heading lower than 429. Good luck.
