SPY Has the Potential to Hit 116 In the Next Month

SPY Has the Potential to Hit 116 In the Next Month

So far SPY has rallied expected. Trendline B should serve as a good support level to buy SPY on any pullbacks and a pullback may be coming up when SPY backtests trendline A tomorrow. I am expecting SPY to break through trendline A this time around but I am still expecting a minor intraday pullback. I wouldn't be surprised to see SPY trade along the underside of trendline A for a day before breaking out above it. SPY has gaps to fill at 109.68 and 115.99. The rally from 101.13 to 110.08 was approximately 9 SPY points, so I am expecting at least another 9 SPY points on this next rally. That would put SPY at 114.8- very close to filling the gap at 115.99.

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