$SPY dropping after unemployment benefits jumped 46,000 last week to a seasonally adjusted 388,000, the highest in four months. If one wants to put this in context, all you need to do is to watch how much the $NYMO (McClellan Oscillator) popped yesterday, getting very close to the top band of a range it have not visited for the past month. Some people let that slip, but I am here to remind you of that level and it’s significance.
The main idea I want to pass to readers is that we are still stuck in a range in my view looks more negative short term than positive. I also think that the 143.19 level (Fibonacci Retracement) will be breached next time we test it.
All gaps will get filled before we move to higher levels.
$SPY 1st support is 145, 2nd support 144.69, and 3rd is 144.02.
$SPY 1st target is 146.13 , 2nd is 146.84 3rd is 147.60, and 4th one just for fun is 148.68.
Trade what you see not what you think.
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