SPY To The Downside
After that nice little end of day rally on Friday I'm looking at a price target of 385 - 380 by this upcoming Thursday to bring Spy down to the 50 or 618 fib levels. QQQ is ahead of SPY just a little in regard to fib retracement. Recently had a big upswing off of the 50 fib to above 23 fib before having an aggressive sell of > -2% in one day straight down to the 618 fib before another small rally up. EOD spy rally pushed it right above the 23 fib. Intraday charts also suggesting buyer exhaustion. Will be interesting to see if the suez canal crisis will play a "role" in market movements next week. Look forward to your thoughts. Thanks!
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