SPY is likely to hold support at the 20-day moving average and the Leopold low anchor, with a potential bounce and higher high after the 5-day moving average flattens, but the speaker is cautious and treats it as a swing trade.

We saw the S&P come down to the uh 20-day moving average and the anchor off of the Leopold low and that's exactly what we were looking for this week is for it to pull back down into that range.

Now, so far it looks like that anchor is the low, but we still have a declining 5-day moving average, so I don't quite trust this.

I have position, but I don't trust it. I'm looking at it as maybe a swing trade. Uh well, I guess it will be a swing trade cuz I'm holding some overnight, but maybe it can turn into something else, but I'd rather see it kind of do this.

That is for that 5-day moving average early next week to kind of come down and flatten out. That happens after Monday. So, Monday afternoon into Tuesday morning is looking like the time that it could confirm this is a low and we make a higher high above that flat to rising 5-day moving average.

Everything indicates here that it should become support. We have prior resistance, which tends to act as support.

We have the rising 20-day moving average and we have the anchor off of the Leopold low. Uh so, taking a look at uh the uh charts of that, you can see uh here with these four time frames.

We've got that 5-day moving average and while we're below it and it's making uh while we're below it and it's making lower highs and lower lows, it's red and that's the anchor from the Leopold low.

Earlier on Twitter today, I had pointed out that this market is doing what we wanted it to do as well. We spoke uh several times about this band of resistance in here having the potential to become support, and that the support from the support and resistance with the with the prior resistance, is not only that's one reason to become interested, but also because we have that 20-day moving average.

That's that red dashed line that is now advancing. It's above the 50, above the 200. These are all bullish things.

The 20-day moving average often acts as support. Well, the anchor from the recent low, the Leo low, is also in this zone. So, you have people who are saying, "Let's stop selling as it gets down to the 20-day moving average.

Let's stop taking profits as it pulls into the 20-day moving average. Let's stop adding supply once it gets to the Leo low anchor."

Then you have other people on the sidelines coming to the same the the conclusion that maybe it's time to start nibbling, and that's what I did in here.