$SPY gaping down after some banks failed to deliver the so called impressive earning that everyone was expecting. To complete slap on the face, Retail sales dropped even though producer prices recorded their biggest decline in 10 months after gasoline prices tumbled.
I personally have seen multiple charts screaming for a pullback, again as everyone knows, I like to use Fibonacci studies to time the entry and exit to long or short stocks.
Currently some of them have reached a level, where a pullback is inevitable. I did take a short position yesterday as i went long some $SPXU. I did swing the position based only on the Fibonacci levels, and not waiting for anything good this morning’s economic data.
$SPY 1st support is 158.32 2nd support 157.44 and 3rd is 156.75.
$SPY 1st target is 158.80 2nd is 159.71, 3rd is 160.37(Educated Guess).
Trade what you see not what you think
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