Pure Evil

These Market Makers are pure evil. I knew yesterday's drop was a bunch of hogwash there was no good reason to sell off. It was yet a further shakeout of longs. What gave it away is that SPY bounced at support from trendline B during yesterday's selloff. In a true selloff they would have broken that support level. But they didn't which is a clear message that they want to preserve the uptrend.

Anyway today SPY opens at 108.32, this is right at resistance from trendline A. If SPY can hold above trendline A then SPY is headed to 110. Otherwise SPY may drop all the way back to 107.1, but I don't expect this to happen.