I am impressed to see the $SPY over 155.55, but even happier that there is a slight chance of us making new highs before the bears come in to bring down the house. We still have one more week and 1/2 until May.

Remember the saying, Sell in May and go away. While that have been a fact in the market for years (only in a few occasions when that did not happened). I remain bullish, but slowly getting my self ready to add more shorts. Actually my whole last week I took 90% short positions against 10% longs.

The advantage of using Fibonacci Retracement levels is that it may confuse other market participants, when you go against the trend earlier than they can see. Keep in mind that like all the traders I know, it is better to dip your pinky in the water by initiating a small position that can eventually grow and generate a bigger return. Any sign of wrong doing, and I keep my losses very small.

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Now let’s get back to the numbers,

$SPY 1st support is 154.91 2nd support 154.13 and 3rd is 153.05.

$SPY 1st target is 155.67 2nd is 156.45, 3rd is 156.80, and just for fun, the 4th 157.32 .
Trade what you see not what you think

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