SPY Headed to 111.7, possibly 115.99

SPY Headed to 111.7, possibly 115.99

SPY has bounced hard off support at 104.5. I wasn't expecting this much of a bounce, SPY has completely rejected prices at the 104.5 level... for now. SPY may now rally all the way to 111.7 or 116 before dropping again. But we still have not seen capitulation style volume, so I am confident there will be further downside after a bounce.

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