Another wrinkle in the chaotic market is word of an emergency Fed meeting today on October 3rd. We don’t yet know what it is about or what the market reaction will be, but we also know the market is very oversold.
The kindling is there for a short squeeze. We could see SPY head toward the 21 exponential moving average (EMA) near $380, but we’ll have to see how far this bounce goes.
We are still in a bear market, so don’t overstay your bullish welcome if it goes that way.
Let’s take a look at the video:
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