SPY - $650 should be considered a minimal destination for a pullback
$SPDR S&P 500 ETF Trust(SPY)$ : $Cboe Volatility Index(VIX)$ rallying yesterday while the indices were in the green was a strong warning sign for a potential red day (check my notes in the $NASDAQ 100(NDX)$ chart). While it's early to call a top, the market is due for a healthy visit to at least the 20-day moving average.
The RSI falling from overbought territory further suggests a pullback may have been initiated. For now, the 5DMA provided support, but if the central weekly level is breached, $650 should be considered a minimal destination for a pullback.
A chart displaying the daily price movements of the SPY index. Multiple colored lines represent moving averages: 5-day in yellow, 10-day in orange, 20-day in blue, and 50-day in purple. Green and red candlesticks show price changes, with a volume histogram below. An RSI indicator is visible at the bottom in blue. A watermark with "S.P." is present.
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