In The Middle

In The Middle

SPY is set to gap up and open at 119.18. SPY has a gap to fill at 120.38 and also a gap at 118.39 (Friday close). This may seem like a big gap up but futures were actually up another 7 points and have backed off. SPY has settled down to open near last week's high so it is clearly testing support. If SPY climbs above 119.5 then I would favor SPY to head to 120.38, otherwise I think SPY falls back to 118.39.

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