• Scenario 1: If we dip to 426 and bounce off it, I’ll take calls to 428/430.
• Scenario 2: If we dip to 425 and break it, I’ll just clap.
• Scenario 1 is most likely, but I doubt I’ll trade at all on Friday unless I’ve just got an itch or it looks to be on autopilot like last Friday (will check it at 11am)

• SPY traded between 425.50 and 428.61
• I had an overnight SPXp that I exited 5 minutes after ht open.  Wasn’t the bottom, but it covered lunch.  I shouldn’t have done it in the first place.
• DXY - this moved up all day, just about in a straight line, to close +1.00 from the open.  That’s not trivial.  How the SPY managed to close green with that is a real show of strength.
• Looking at the volume, I think this was the second or third lowest in months.
• Not really surprising.  It’s just ticking up and no news of significance to push it either way - and the SPY always leans green if it’s on autopilot.
• BBBY got thrashed (in after hours) by Cohen selling out.  I was surprised at how fast he was able to file the 144 and fully sell his position; didn’t that it was possible.

• SPY levels:  405, 416, 420, 429.50, 437
• Chart - Weekly: Neutral - we may have a top in (431).  Friday/Monday will confirm/correct that.
• Chart - Daily: Bearish - hugging that overbought RSI.  Pullback still pending.
• Chart - 4h: Bearish -  riding that overbought RSI line, consolidating.  Incredible strength, but the drop is coming..
• Chart - 1h: Neutral - nothing to see here.

• As I noted, earlier, today’s volume was second or third lowest in months.
• Where are the sellers?  I continue to think next week we’re going to have a big pullback (20+) and a big spike in volume.
• There’s absolutely nothing on the calendar for Friday.  More chop with a bias to upside, I’d guess. 🤷‍♂️ 
• Probably very close to Thursday’s action.
• Heads up: NEXT week is going to be a bit more interesting.  We’ll go into the weekend with overbought technicals, then we have PCE and other data on Friday morning and a possible JPow speaking in the wild. 🔥
• I intend to make a post over the weekend drawing the chart for the next 6 months.  I’m feeling confident in it.