SPY Should Hold Support at Trendline A

Traders are once again using the unemployment situation report this morning as an excuse to sell off. Regardless, I expect SPY to hold support at trendline A overall. So if SPY tanks hard during the first hour and goes straight down then SPY could drop as low as 111.3. If SPY breaks below trendline A then things get really ugly and SPY could possibly drop all the way to 110.3 to fill the gap there.

I don't expect this to happen. The dollar continues to plummet. I will be adding longs at SPY 111.7 and still expect to see SPY 116 in the next few weeks.