Eye On SPY After Hotter-Than-Expected PPI

SPY-- Thirty minutes after the hotter-than-expected PPI data we find SPY has recovered nearly to unchanged at 520.91 (last is 520.64) after initially spiking down to 518.18.

Technically, the down-spike and recovery leave behind an hourly candle with a very long tail that is usually associated with the end of a particular decline. If that is the case with this AM's reaction to the PPI, then perhaps the "long tail" is alerting us to the conclusion of a two-day correction from 522.73 to 518.18, or about 1% within an otherwise still-intact, still-dominant uptrend off of the 5/02 Jobs Report pivot low at 499.50...

I guess we will find out in the upcoming hour or so, depending on what Fed Chair Powell has to say in his 10 AME T speech.

If a correction has ended, then SPY is in the early stages of climbing to take out resistance at 522.65/75 in route to a challenge of much more consequential resistance at 523.80/90 that represents the reversal pivot high of the Daily Bearish Engulfing Candle established on 4/04/24... 

In the absence of Powell-inspired price weakness, and with May Option Expiration at this Friday's close, SPY could be on its way to "magnet strike prices" of 525 to 530... Last is 521.15...

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