SPY Two Targets for Today

SPY Two Targets for Today

SPY is set to gap down and open at ~107.4. I expect SPY to rally to 107.92 and fill the gap there. I also expect SPY to drop to 107.1 and fill another gap at that price. Support below 107.1 is at 106.8. The dollar traded as high as 83.3, which is the 38.2% fib retracement of the drop from 89 to 80, so I'm expecting the dollar to trade sideways-to-down today which coupled with the fact that today is options expiration should keep the stock market above 106.8.

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