SPY In Between Gaps

SPY In Between Gaps

Despite yesterday's gap up, SPY has been trying to pullback but it seems like there are so many buyers that it hasn't been able to pull back very significantly. Today SPY is set to gap up and open at ~111.1, the key thing to note about this is that 111.1 is right at resistance from trendline B. Which means that SPY could drop to from the open down to 110.37 to fill Thursday's gap up. On the other hand if SPY climbs above trendline B then I favor SPY to continue upwards to 112.4 to fill the gap from 8/10.

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