$SPY opening this morning lower, but going ex dividend. But still not a lot of movement ever since we broke all time highs. At this point it gets very hard to predict the $SPY move if we continue to drift higher.

The only thing I can see right now is that this 156 – 157 area is a good spot to be forming the head of a head and shoulder pattern. So I think that we may chop for a couple of days and then starts to go lower. I was surprised how fast it ran over my target, but it was still a good reference. Now I need confirmation that this is the current top, and we pullback.

Keep in min that today is Options Expiration Friday, so volatility will be at it’s maximum. And also a perfect day for the market to top out if it indeed does top out.

$SPY 1st support is 155.45 2nd support 155.07 and 3rd is 154.56.

$SPY 1st target is 156.45, 2nd is 156.70, 3rd is something we have never seen it before.

Trade what you see not what you think.

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