$SPY tried, but did not reached the 155.55 mark it needed to convince that there is some more left on it. We will most likely re-test the 50ma 154.29 one more time again today, now question is. Will it hold it this time? The short answer is no. As we approach may, and with the $SPY under 155.55 (23.6% Fibonacci Level.). The 38.2% Fibonacci level is @ 153.16, and that is where we will go. I am expecting a drop to 153.16, then we pop back up to 155.55, reload the shorts, and here we go for another nose dive.
$SPY 1st support is 155.08 2nd support 154.49 and 3rd is 153.16.
$SPY 1st target is 155.55 2nd is 156.45, 3rd is 156.80, and just for fun, the 4th 157.32 .
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