SPY close analysis 9/25/2023

Rate news last week really destroyed this index. SPY has a lot of work to do in order to go higher. For the time being I remain cautiously optimistic and think we pause and seek higher liquidity. Oscillator looks to be bottoming but there's no strong confluence of support in this 430 zone. The "strong support" zone is going to be around 422 where the 200 day ema rests as well.

Caution advised here because overall market structure has turned bearish. Seems likely that any rally that fills gaps is a high opportunity short trade.