SPY correction is over
The FUD induced sell off has come to a finish. The SPY showed that the 300 MA is a respected level of support by bouncing off of it Monday. This was followed by 3 inside bars. Multiple inside bars indicate consolidation, a close above that range in a downtrend indicates a trend reversal. A break below that range in downtrend would indicate continuation. The SPY had a strong day rally to close out the day that emphatically showed the downtrend is over. I expect a gap up over the 200 MA Monday morning and a push back to $450. QQQ has a similar setup although less bullish.
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