Using a Pot Odds chart i developed i have a few key levels in mind over the next 3-4 months. Looking at the Daily chart on a 2&12 momentum indicator we entered down trend this past Friday. RSI, IMI, and MFI are all turning down. There for i expect us to break the uptrend line from October and December. If that line acts as support i expect us to move up to 430 and beyond. However if it fails i expect us to move to 385 for the next test of support. Failing that would bring us down to 362. However if it acts as support i expect us to clime to 421 and test that area.
Now if we break down below 362 hold on to your shorts baby we are going to test the lows and may find support on the June - October low trend line in May that would be around 324.
SPY
Now if we break down below 362 hold on to your shorts baby we are going to test the lows and may find support on the June - October low trend line in May that would be around 324.
SPY