We did get a tiny pullback yesterday but it wasn't down to the FP on the SPY like I had hoped it would be. Who knows for sure? Maybe it's not a real fake print but just a late fill? Regardless... today is the last chance for that to happen I think before one more move up to "try" to make a higher high.
I have it on my chart from yesterday as only being a lower high, as that's what happened back in 2022... but it's not an exact match for price, so it could make a higher high going into the end of this week. There's a large amount of volume on the SPY at the 700 strike price for the calls, which means there's still a chance we could see that hit into this Friday.
The pattern basically suggests that Thursday/Friday are up days, whereas back then it made a lower high then what would be equal to last Friday. But that doesn't mean we will do the same this time around, as we could make a new all high as we are only a 100-200 points away now.
Bottom line here is that I'll be looking to short whatever price we reach into this Thursday/Friday. If for some crazy reason they do decide to hit 7000+ I'll short it hard as it will be a perfect short in my opinion. Or if it's only a lower high I'll still short it as the pattern and cycle suggest next week we get a pullback. I'd just love to see that last squeeze to take out all the shorts first.
In summary, the best shorting spot should be this Thursday/Friday in my opinion... no matter if it's a lower high or higher high.
Have an blessed day.
