SPY Down, Technical Fundamental Analyses, OPEC+ JOLTS jobs openings, NVO NVDA ASML SOFI

The S&P ETF SPY dropped 0.55% today after going up for 4 days in a row. Before today, SPY closed above the upper Bollinger Bands for 2 days in a row. From the technical analysis perspective, SPY due for a pull back. This past Sunday, OPEC+ announced that they would reduce oil production by 1.16 MBPD, causing price of oil to go up. The price of WTI crude oil jumped up more than 7% between last Friday and today. When the price of oil goes up, it is likely to drive up inflation, which is a bearish catalyst. The JOLTS job openings number was posted today. It came in at 9.931M vs. 10.400M expected and 10.563M for the previous month. When job openings decrease, it is another bearish sign. With the Bollinger Bands showing an overbought condition and 2 bearish catalysts on the economic front, it is not surprising that SPY went down today. SPY is likely to go down in the next couple of days.
I sold a few stocks from my portfolio today to lock in my profits: They were NVDA, ASML, SOFI and NVO.
If SPY goes down, it will be supported at 407, 404 or 400. I will be buying long positions again when SPY starts rebounding.

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