CO21

MOC Imbalance S&P 500: +1229 mln Nasdaq 100: +1056 mln Dow 30: +380 mln Mag 7: +463 mln

$SPY Price closed at the last fib resistance. I never thought we would get here before a move down to 660 at least but here we are. I think this resistance will hold, even if price wicks above it or even close, it needs to hold above it for a couple of trading days to prove reliable. If that happens then the next fib level is above 700. What I’m expecting to see now is a move back to the 670s, anywhere in the 670s, whether it’s 679 or 670. That could be enough to fill the vix gap at 25. I’ll cash out of all shorts there, especially around 672-670 and see what happens then decide. This move alone should put me back green on the month. Once we get that move, price can either hold the support, make a higher low around there and go for a new all time high, or it can hold the support, bounce, reject to make a lower high and then go down further towards 660s, 650s, 640s or even make a new low in the 620s. In both cases, bull and bear, a pullback is due now. I just can’t see price shooting straight above 700 after the massive run up we had. That’s not how it works. I’m basically neutral now, because it’s 50/50 between the two. I’m just shorting to the 670s then I’ll see which side has strength and I’ll be on with them.

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