Blood In the Water

Blood In the Water

SPY is set to gap up and open at 105.85, this gap will definitely be filled today. Trendline A is still in play, but SPY appears to be bouncing off trendline A as a support level now instead of backtesting it from the underside. Either 101.9 or 103.1 will be tested today or tomorrow and SPY should hold within this range. When SPY drops below trendline A again look for SPY to hold 103.1 or 101.9 and base- breaking trendline A. If SPY drops below trendline A, backtests it and fails then SPY could drop much further than 101.9

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