SPY - The pullback was healthy and necessary

SPY

The SPY recently has seen a healthy pullback in my opinion and is not a sign of widespread market fear. The COVID variant that made news last week was only an excuse to expedite the pullback, it was not a catalysts of true fear. The Monthly candle close yesterday above resistance, and without ever testing it. The monthly candle also stayed above all its EMA clouds. The Daily candles show a great bounce off Cloud 1 and Cloud 2.