$SPY have done almost everything I was expecting this morning even with some hiccups. Bulls are currently defending the 100MA (136.11) and the 1st Fibonacci retracement level @ 136.08. I think that there are still some market bears out there that will try to give everyone out there a very bad outlook, but I am personally trusting the technical levels. I give them a run, if they fail, then I have to take this information in consideration for my next analysis, and I will be learning something new.
So far the charts are telling me that the risk reward is worth taking, and all we need to do is reach 136.70 and we will break out and leave the bears in the dust.
Again, I am expecting a decent close, even if that is negative. Like I always say, a rally can start from the moment you can pick up a good low, not only on strong positive days.
May you all have a good end of your day.
