SPY close analysis, 3/9/2023

WOW what an unexpected breakdown before the news. Yesterday's broadening wedge idea completely failed after a retest of the diagonal s/d zone I have in yellow.

With major uncertainty brewing in data releases tomorrow, who knows what tomorrow brings. Support below is quite loose. The long term trend line connecting all prior peaks sits right at 389. A retest of this and relief bounce would mark a textbook technical pattern but markets rarely move so perfectly.

My plan is to go with the trend for now expecting a reaction in the mid 386-389 zone where maybe I'll long based on 5m chart support.

TLDR: Oscillator supports bears, trend supports bears, today's engulfing candle completely decimated yesterday's attempted relief. 🐻