$SPY taking the hit I was expecting since Monday. We are failing the second Fibonacci retracement level as we find ourselves under the 140.11 level. So this is not looking good at all. According to the $NYMO (McClellan Oscillator) we were due for a pullback ans I expect us to drift lower until the 137.60 (3rd Fibonacci retracement level). If one checks an hourly chart we are building another head and shoulder pattern.

Please be prepared for a fill the gap situation. We may drop very fast today and reach the 139.56 level and start moving higher again. I like to advise my readers of all the possibilities. Again I still feel that the trend overall is bullish, and maybe this pullback is just a buy the dip opportunity. So please keep all this information in hand. Make sure you have your alerts ready.

$SPY 1st support is 139.27, 2nd support 138.63, and 3rd is 137.64 (3rd Fibonacci Retracement level).

$SPY 1st target is 140.16, 2nd is 140.64 3rd is 141.12, and 4th one just for fun is 141.56.

Trade what you see not what you think.

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