10-21: SPY looks set t gap up at open based on pre-market, however the area directly above may cause some problems short term. Some level's i'm watching over the next day or two that are marked.
- 191.90 represents a .5 retrace of the recent pullback. - 192.33 level provided significant support on the way down, now maybe some resistance. - 194 area has the rising trend line from 2011 that SPY broke on way down - Directly above that is the falling trend line that has had previous significance from the ATH's - 194.28 will be the .618 retrace level - 15/30 min RSI should hit overbought this morning with 60 and 120 still having some room to move higher. - Volume profile shows a gap in traded volume up into the 192.50 area. This may bring out previous buyers who have been trapped below their buy price.
Lastly there appears to a completed inverse H&S that would give a much high target than any of the levels mentioned above, somewhere around 197.50. This may be the ultimate price target for this current. Prior to that, a pull back seems extremely likely and I suspect it will begin with a break in the current up trend that started from the recent low around 182.