$SPY Trying to show some strength but I think that the 148.90 level test is now inevitable. If we touch that level. I want to remind that we already did over 2.5% pullback from the highs of the year once we touched the 149.44.

I read a lot during the day, and I see some people calling for a 7% to 10% correction. I rather just use my Fibonacci levels to figure how low we can go. And for now all I can see is the 148.90 level. Once we break that I will call the other ones out.

We still have the possibility to go higher after this 2.5% pullback, but that needs to be seen.

The $NYMO is very close to it’s oversold territory, but we can get under that level and stay there for something like 3 to 4 days. So please be careful going long. 

$SPY 1st support is 148.71, 2nd support 147.69 and 3rd is 147.14 (Fibonacci Level).

$SPY 1st target is 149.80, 2nd is 150.21, 3rd is 150.42, and 4th one just for fun is 150.98.

Trade what you see not what you think.

You Might Like

  • South Korea and its impact on the US stock market.

    South Korea: The Hidden Driver of US Tech Volatility

  • Learn to trade within your means.

    Stop Trying to Hit Home Runs: Start Trading Within Your Means

  • Avoiding traps on stock breakout plays.

    How to Trade Breakouts Without Getting Trapped