Updated Outlook on the Probable Path of the S&P 500 Following Today’s Price Action
$SPY
At this stage, I view the red scenario as the higher-probability path for the S&P 500 moving forward.
As suggested in yesterday’s outlook, price has reached the measured Fibonacci extension from the April lows, which aligns with the upper boundary of the weekly Bollinger Band, and is now showing signs of rejection at that level.
A pullback toward the mi…