Hey everyone,
Didn't post an idea on SPY this week because didn't really know what to expect and didn't see the point.
Now we have a definitive, long term setup.
SPY is on track to hit its annual high targets, with 3 consecutive daily closes above the bullish conditional on the annual levels.
Initial TP is 513.
Very fast considering we are month 2. Who knows what happens when we get there.
Never seen a market like this in my lifetime.
Anyway, re-test of the bullish condition is possible, but its pretty much a done deal at this point.
Best of luck!
Didn't post an idea on SPY this week because didn't really know what to expect and didn't see the point.
Now we have a definitive, long term setup.
SPY is on track to hit its annual high targets, with 3 consecutive daily closes above the bullish conditional on the annual levels.
Initial TP is 513.
Very fast considering we are month 2. Who knows what happens when we get there.
Never seen a market like this in my lifetime.
Anyway, re-test of the bullish condition is possible, but its pretty much a done deal at this point.
Best of luck!
Premium indicators and content have launched! Get access at: www.patreon.com/steversteves
This will serve as my idea for next week Feb 12 as well.
But here are the thresholds for next week and targets:
On the 1 hour we left off on a bullish continuation pattern. Sometimes SPY will pullback slightly on this type of pattern before continuing up (and by pull back its like a 2 dollar sell haha). But those are the thresholds to watch into next week.
You will see that the first annual high target is not within the forecasted levels, so we may not snag them next week.
The only way that could change is if we open on a substantial gap up.
In this case, I will share the revised levels.
Safe trades and enjoy the rest of your weekend!