$SPY reaching new highs, and to be honest I am very excited since I see what this market is doing.
I have a current theory that on a daily chart, one could assume that a head and shoulder formation is actually starting to form. It is not going to form overnight, but it is there. The right shoulder is around 153.28, we are now starting to form the head in which I believe will be done around 156.45, and then we start drop back down.
Again it is just a theory, and it contradicts the quote I put on the last line that says “Trade what you see not what you think” but the most important thing to take out of it, is that you cannot fight the trend. You have to go with it, until other patterns arise.
$SPY 1st support is 153.26 2nd support 152.54 and 3rd is 151.33 (Just below Fibonacci Level line I was using before the pullback).
$SPY 1st target is 154.46, 2nd is 155.24, 3rd is 155.55, and 4th one just for fun is 156.45.
Trade what you see not what you think.
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