Yesterdays last minute selloff into the close was just another bear trap it seems as the futures are up again this morning, and higher then yesterdays high as well. The SPY hit a premarket high of 303.86, which is just 2 points shy of the FP target. But I must admit this market is looking very tired and I'm not sure if I have the patience to wait on the hit of it.
To me it's look ready to rollover and die, but we all know that the FP's do seem to work the majority of the time, so today looks like "the day" where the bulls squeeze out the last bear. If we do rally up and hit the FP today (big "if"?) I think it's going to put the SPX around 3050 now and not 3060. I think that will be high enough to get every last bear out and probably to flip to a bull as well.
Get that high and we'll hear them all looking for 3100 and 3200 next, but if history repeats the market should turn down shortly after hitting the upside FP and start looking for one of the lower ones next. It's still up in the air on that 272.99 FP being just the target of an A wave down or the entire move as some inside my chatroom think is possible.
I'm leaning more toward an ABC drop with the low of the C wave at the 240 FP on the SPY. But I'll take it day by day and just let the market tell me where it wants to go. For today those I'll be looking to get short at some point today, and possibly before the upside FP is hit as I'm ok with it going up a little more to hit (if it's going to?) tomorrow instead of today. That's all I have for now. Have a great day.