$SPY gaping again today, so far everything looking like we are heading to that 156.45 level I mentioned yesterday. Even the $NYMO McClellan Oscillator have move nicely to the 1/3 position towards overbought, which means that if we have 2 more days like we had yesterday, then we will reach the over that level, and things need to come down doesn’t matter what.
I have seen instances that the $NYMO stays 3 to 4 days in the overbought territory, and when it comes down, it comes down with a vengeance. So again I repeat, don’t fight the trend. Let the market work for you, not the other way around.
$SPY 1st support is 154.49 2nd support 153.56 and 3rd is 153.09 (Just below Fibonacci Level line I was using before the pullback).
$SPY 1st target is 155.24, 2nd is 155.55, 3rd is 156.45, and 4th one just for fun is 156.70.
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