I bought SPY a few days back at $324 and I think that buy is going to make some money

Looking at the price action recently on the S&P and I think we are at a bottom or very close to one.

We are now something like 11% off the highs and that has been an area where people have come in and bought the dip before.

Basically anything more than 10% from the recent highs has been bought up.

This marks the 4th week of selling which is getting a little long in the tooth as well:

(Source: https://stockcharts.com/h-sc/ui)

Looking at the above chart I think we could see a relief rally up to about $340, at the very least.

If it turns out to be more than a relief rally, this could even up being the lows for some time.

Yes there is a ton of uncertainty out there, but stocks tend to climb walls of worry.

There is still a ton of liquidity sloshing around out there and the FED isn't going away any time soon.

Buy the dips!

Posted Using LeoFinance