$SPY gapping down, evenbthough the initial claims dropped 26,000 to a seasonally adjusted 350,000. Meaning that this gap down, could become a nice bounce since the $SPX is going for a 6th day drop , which would be one of the longest ever registered. I advised in the beginning of the week of all this chopness. So I do expect us to really bounce off today. On this gap down, it will put the $NYMO (McClellan Oscillator) in the neutral position, but still giving a lot of space for us to sell a lot.
I think today we do really bounce. So keep that in mind.
$SPY 1st support is 132.90, 2nd support 131.89, and 3rd is 130.35.
$SPY 1st target is 133.84, 2nd is 134.10, and 3rd is 134.69, and 4th one just for fun is 135.70.
Trade what you see not what you think.
