Where will this market pullback stop? (SPY)

25 Tem

I have been traveling and enjoying the summer months, which typically are slow for trading, and have not traded this pullback but have gotten many questions for analysis as to "when will this stop [and I can enter the market]". #notfinancialadvice but I like the upcoming levels on SPY in the 520 area.

There are several levels of support creating confluence here:

• What I always remind folks is that "in any given year, the stock market has 2 to 3 >-5% corrections. As of writing the pullback from the high is only 4.4%. Pulling into the 520's would put the move in -6% territory and qualify as a "healthy" pullback.
  
• There is a major Volume Profile level at 529 from back in May where I presume so much volume was "sold in May"
  
• The prior All Time High from April is at 524.
  
• The Daily Ichimoku cloud, which has very well contained the trend since November 2023, exists in this area and time to provide dynamic support.
  

Trade (and invest) wisely!