$SPY gaping but no real news, signalling for me that we “might” sell off today. The most intriguing factor is the Initial claims for state unemployment benefits increased 34,000 to a seasonally adjusted 386,000. So how can we gap up like that? Also $MS missed their earnings, another good reason that we cannot gap up.
Yesterday my $SPY read was spot on the 4th target of 137.64 target. I am not really bragging, I am just pointing out how important it is to have you levels ready before you enter the day. And be sure to follow those levels. If those go above what you first predicted, all you need to do is to raise your stops, and let the market do it’s job. It is better to revise a prediction, than sit on a silly loss.
$SPY 1st support is 136.92, 2nd support 135.61, and 3rd is 134.83.
$SPY 1st target is 138.28, 2nd is 138.42, and 3rd is 138.88, and 4th one just for fun is 139.25.
Trade what you see not what you think.
