$SPY opening with a monster gap up and indeed making what I wrote yesterday look like garbage. But in order for me to be absolutely wrong and I have no problem assuming my mistake, we have to break above 151, and onto new highs. I am still counting on the possibility of this to be a gap followed by a failed break out, and we can give this rally it’t final farewell.

I always have to give my current expectation if indeed we cross over the 151 mark. The next fib level on the $SPY is 151.48. The one for the $SPX is 1508. So I will be looking at both the $SPY fib lines represents the equivalent of 1510.48 approximately when compared to the $SPX, so as much as the $SPY mimics the $SPX, you have to account for that difference which I like to call it give or take.

I will stay modest with my words today since nothing changed much from yesterday’s prediction until we break above 151.

$SPY 1st support is 150.42, 2nd support 150.03 and 3rd is 149.41.

$SPY 1st target is 150.98, 2nd is 151.32, 3rd is 151.83, and 4th one just for fun is 152.32.

Trade what you see not what you think.

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