SPY bounced from a three-line strike reversal pattern on April 10, moving from $648.82 to $656.40 on heavy volume, including a 14.7 million share print. Bulls target $670 if it holds above $657.12; bears watch $651.29 if it breaks below $654.50.
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We called the bottom. If you watch my webinar on April 10th, it's on YouTube as well. But we did call this bottom here, and I've mentioned it several times. We called it on the SPY. The Q's did exactly the same thing. Two million here at the bottom, and then nice three-line strike reversal increasing volume. That's a great entry point off of that print, and then we just continued moving up. And you see this 3, almost 4 million, 7, 9, 12, uh, 14.7 million sitting here. And it looks like they've been adding to their position. Now April 20th was 7 million shares. That's a $4.2 billion print at $648.82, and we're at $656.40. So we see this consolidation here. It looks like it's breaking up, but this is continuing into new highs. So let's map this out on both side. So on the bullish side, we're going to be bullish above $657.12, just above this R1. And you can see how strong these pivots and these cams are. Look at the high here, $656.98. So that's the dollar level, but the first eighth as well. The first and last eighth are the most expensive eighths in the world according to Jesse Livermore. Anyway, $657.12 target, $657.69, $658.25, $660, 662.69 is R2. We've got a really nice pocket here from 657.69 all the way up to 662, and then we've got 665, 667.50, and I stopped at 670. The ATR in this is about $10. I've given it 13 points there. On the downside, we're going to be bearish below 654.50. We've got to get below here, 800K print. So this is, um, $400 million sitting right here. And so you can see here that yesterday the 4 and the 8 have just been moving up all through the post-market and then into the pre-market as well. So let's get below there. Target $653.51, $652.46, $651.29 is back to the pivot, and When we get to the 653.51, you got to be careful. This probably holding here. We've got this pull up to my 200 simple back increasing volume. So this needs to actually hold. You can see where this is support. So I would imagine this might hold with those 50 simple, 200 exponential, 200 simple. So just be, just be careful there.
