I hope everyone had a great time this 3 day weekend with family and friends.

So the $SPY closed on it’s all time highs last Thursday. Again above my personal target of 156.45. This morning we are looking to make new highs. This morning we have The Institute for Supply Management will release the March reading on manufacturing activity at 10 am eastern time. Analysts expect it to come in at 54.2 which is the same as the previous month. We also have February’s construction spending which is also scheduled to be reported at 10 am eastern time.

Last weeks activity was very interesting, specially on Thursday. I was heavily shorting this market along with other fellow traders even though the market was making new highs. The opportunities were happening, and we were just taking one trade after another.

I felt a disconnection from the market and individual stocks, and that is why it was easier to short than go long. I am curious to see what the ISM numbers will show. That should give us the tone to play this market today.

$SPY 1st support is 156.29 2nd support 155.50 and 3rd is 155.05.

$SPY 1st target is 156.80.

Trade what you see not what you think

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