Update for Thursday…
Put simply… possible move down at the open, and a slow grind back up in the afternoon until the close.
Red
————————————————————————————————————————-
We hit a high of 112.37 SPY today… is that enough?
It’s hard to say yet if today’s high fulfills our 112.41 FP, but tomorrow should be the last attempt higher. Since the 15 minute chart is in negative territory and ready to roll back up tomorrow, there could be one more gap up, or flat open and a quick run up to fulfill the print exactly.
However, many times in the past I’ve noticed that they either fall short a little or pierce through it a little… and then reverse directions. And, since today traded mostly sideways, it formed a bull flag on the lower time frame charts. That would support a possible quick move up tomorrow morning, and then selling off the rest of the day.
Either way, a turn back down in the market should be no more then 2 days away, with it starting as early as tomorrow. Our downside target is the 107.12 spy area (or the 107.35 print Anna caught today), once the selling begins. Since nothing news worthy is out tomorrow, we might have to wait until Thursday to see the selling begin.
So hang in there bears, your dinner should be ready soon.
Red

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