$SPY had an amazing open with the market popped to almost R3 level at open. When I saw that, I immediately though that for now, this market can only go down. Market then tanked a few minutes before fed speech begins. It tanked so much that it got under today’s pivot point. Most stocks I watch tanked hard, and once the speech started, I knew that this could only have a good outcome.

I hope some people also noticed that, and took some longs, this could be the beginning of a multiple month rally. When I say rally, I mean ascending in an orderly fashion. If you did not picked anything up, please wait for the $SPY to pullback a bit.

It is currently flirting with it’s intra-day 3rd resistance @ 141.62 level, but the $IWM is still under it’s R2 level, so we have a lot of space to go higher. The $SPY will mostly stabilize on this level during the whole day. This is a very strong day, but please be cautious, you might end up entering this rally on a wrong spot, and end up getting stopped.

May you all have a good continuation of your day.

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