#SPY - Possible Reversal or Earnings Tank?
SPY hit our Outside Month target this week and has yet to gain momentum to the upside. If bears can continue here we can drop to 427 next. We are nearing seller exhaustion and the broadening formation. For this week it can get choppy if we don’t break below 435. Id be looking for a sign of reversals around these level for a pullback before another dip down. Calls will be easier once we can close above 448.
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