Overbought and Overdue for a Pullback

Overbought and Overdue for a Pullback

SPY is set to gap up and open at 112.5 thus closing the gap at 112.42. SPY is approaching resistance at 113.2 and is very overbought. I am expecting a pullback anyday now and will be closing almost all of my long positions today. A 38.2% retracement from 113.2 would take SPY down to ~109.7.

I will add one more comment that the pullback may not occur for a few days and SPY could chop around the 112-113 range for a few days.

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