Looking at the weekly SPY chart its clearer where it wants to go. If I draw a weekly VWAP from the March 2020 low to ATH the middle band is around 380. 0.382 fib is 380.
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Earnings with MSFT and GOOGL - SPY is currently at 414
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The market expects to rate .50 and 225 bp for the year.
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With the vix reaching over 35 today we can see a sharp rally and a drop again.
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Sharp rally into 4300 - we can see a test of 4130
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broke below 4130
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SPY hit 406.95 - great opportunity to short again going into FED talk this week. 3800 target still active.
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381.87 hit
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380.54 hit - waiting for a violent pump again, watch for a vix spike.
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380.54 breaks we can see 355.
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A bottom will be reached once analyst finally confirm we have hit a recession.
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0.236 FIB hit. SPY tapped resistance. on the monthly close
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Trading is still active - next target is 355.
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SPY broke the .382 fib - 350 incoming. - FED meeting coming up and we are expecting .75bps
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hit the 0.236 fib and could not break through. Next target is 397