Stay Short Till 107.17, SPY may drop as low as 106.6

Stay Short Till 107.17, SPY may drop as low as 106.6

Still waiting for SPY to drop to 107.17 to fill the gap from 5/26. Notice that SPY has never closed below 106. Anytime SPY has dropped/opened below 106, it has rallied to close over 106 on the same day.

I will continue to stay short until 107.17 and gauge at that time whether to exit or hang on if it appears SPY is headed for 106.6. I will definitely exit by 106.6 though. Then we have to evaluate whether SPY will hold again.

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