Another $SPY gap bonanza. From a $NYMO perspective, this market will take a long time to top out. When I saw yesterday’s drop, and when it held 149, I said to myself. This was just too good to be true. I had to reset my Fibonacci Levels yesterday, since they did not mean anything usable anymore, and the current setup I prefer not to talk so much about it. But I will say that the current target that I have from the new data (and this is as much as I will say for now) is 156.72.
Will we get there? Well if you draw projected lines to the $SPY it does show the possibility. as I illustrate on this chart.
$SPY 1st support is 149.59, 2nd support 149.33,and 3rd is 148.95.
$SPY 1st target is 150.42, 2nd is 150.98, 3rd is 151.32, and 4th one just for fun is 151.83.
Trade what you see not what you think.
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