PennyBois_Trade

Will SPY fill April Fools Gap down to $397?

AMEX:SPY   SPDR S&P 500 ETF TRUST
What I see for the S&P500 ( SPY ) is bullishness until the end of July (only one week left) and possibly bullish into the middle of August.

I think the SPY will start to act nervous in the middle of August in anticipation of what may come from the annual retreat the Federal Reserve attends every year in August.

Depending what comes from this annual symposium, the S&P500 and the markets ( gold , oil , etc) in general may take another 4 weeks of “soul searching” before picking a direction.

I expect a good healthy correction downward somewhere between the middle of August and the end of September. After that, I expect the S&P 500 will likely continue a strong bullish uptrend into December/January. Maybe.

I plan to be light on my financial feet and not get married to a direction during this time.

Targeting the $397 area if we see the correction.

- TraderAL
( PB Alerts Analyst)

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Today we entered a small starter position on SPY $425 puts 8/20 expiration.

I will scale into the position as we watch for a test of $440.
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