We might just get the pull-back, everyone was expecting. After a week of running wild like a carriage on fire, we finally dropped a big bucket of water and we will probably head down a bit. The $SPY is currently @ 139.99 as I write this, but we still may have some variations. Here are two scenarios to keep in mind, and help your trading today.
– Scenario Number 1 –
For some crazy reason we may open above 140.15 and test that and hold. That will make a triple bottom, and we suddenly go up and re-test the 140.75 -140.81 level. We can then drop and stay in a range that we have been seeing for 1 week now. And everyone finished the week frustrated again.
– Scenario Number 2-
We gap down under the 140 level, and head straight to the 139.81 and break it, we then have a very good chance to reach the 139.51 level, and start filling the gaps left behind.
$SPY 1st support is 139.74, 2nd support 139.22, and 3rd is 138.88.
$SPY 1st target is 140.16 , 2nd is 140.54 3rd is 141.12, and 4th one just for fun is 141.56.
Trade what you see not what you think.
