I was so excited yesterday as I saw the market moving higher with such strength. It gave me the opportunity to carefully choose many names I will be shorting today. What some people may call a dead cat bounce, I call it a technical bounce. Because this is exactly what we had as I illustrate below.
We had a gap up touched the 38.2% Fibonacci level, then pulled back and held the 23.6% Fibonacci level, and kept moving higher until we touched the 61.8%, which usually is a reversal level.
$SPY 1st support is 155 2nd support 153.99 and 3rd is 152.20.
$SPY 1st target is 156.450 2nd is 156.80, 3rd is 157.32, and just for fun, the 4th 158.80 .
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