It will likely be a whipsaw tomorrow after 8:30am. Depending on how low we go before CPI it may bounce a bit before open, but I still expect lower into the end of the week.
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If Spy sells hard, likely it will fill the gap at 368
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Potential head and shoulders formed, target would be about 3720-10. We found support today at the neckline today but if it breaks overnight it will be strong resistance on any bounce tomorrow.
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9.1% inflation in June - 3710 area still looks right,
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taking some profits at open and then gradually down to 3700 area. I still believe 3710 will be the target and possibly the move up to 4100 area starts from there.
I could be wrong and this thing may flush down to 3500 area by next week, but I'm going to follow my analysis as it is until proven otherwise.
I could be wrong and this thing may flush down to 3500 area by next week, but I'm going to follow my analysis as it is until proven otherwise.
