Very low volume today, if there's any day to sit out, it'd be today. This $415 level has been flagged by the chart, and it's not surprise to see choppy trading with a lack of direction at current levels. There are many waiting to short this rally and hence we also are seeing traders emphasize on this bear market rally to stop out early shorts. This move could extend to $420 (and possibly $430). Failure to break this $415 level, and could be trending on our way to $380 ( Fibonacci retracement support). Keep in mind, folks might be waiting for CPI numbers at the end of this week, which is when we might see an increase in volume that'll push us further. My investment strategy to scale on SPY shorts/puts is not something that I expect to realize soon but later within the coming month(s).
