$SPY made another new high yesterday, and on the pre-market it is holding the 1st short term Fibonacci level support on my chart. This 164.94 level is the fist support. Last afternoon it tested another support when we had a high of the day of 165.11. At that time of the day the current Fibonacci Support was at 164.80. It did hold that level, and then the end you all know. We shot up to close near the highs of the day.
It is nearly impossible to know when this crazy rally will stop, so the least I can do is to continue to draw these Fibonacci Lines, until we start to pullback. Once we do, it will be easier to know or to better understand how low we may go. So hang in there reader, I am not bearish until I see a clear signal.
$SPY 1st support is 164.10, 2nd support 163.67 and 3rd is 163.10.
$SPY 1st target is 165.35.
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