The analysis tells me that we might see a rally to at least 214.08 or maybe even 214.90 in the SPY within the coming days.
I will monitor price action around the key fundamental events this month, but I know before hand that if I'm not stopped out, I'll look to exit this swing long in the target zone I mentioned, and also look to exit other equity longs.
Check out related ideas to learn more about the Vix 75% retracement smart money . This also matches a FOMC key level as well as the current daily mode support, so odds of price moving up after hitting this are considerably high, and align with the weekly signals on chart.
The rgmov indicator spells caution though, since it has recently plotted a new 44 bar low in the daily, alerting of danger of a downtrend. Currently it's moving up, showing strength of the bulls, and it has hit a 50% speed line support, so we should be safe on the long side for now.
Check out my updated track record here: http://pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Link to Tim West's chatroom: https://www.tradingview.com/chat/#c8BzrhGRvXxGXWnJ
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.57% on such information.