Consumer Confidence Will Swing It

Consumer Confidence Will Swing It

As of 9AM EST, SPY is set to gap up and open at 118.24. SPY has only closed above 118 once in the past 6 trading sessions. I doubt that SPY will stay above 118 for very long. Still I can see SPY rallying briefly to 118.67 before falling back below 118. Nikkei fell overnight, consumer confidence news is out at 10AM- that could spark the selling. Technically as long as SPY stays above the uptrend line (A) we should expect more upside but I'm betting SPY falls below trendline A today.

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