Today the market is closed.
Here is what I think about the market right now.
Last year, the SPY didn't spend too much time in 106 to 107 area. So in the past few weeks or so, SPY spend time in that area. SPY is ready to make a move. The question is which direction.
My guess will be up. During that two days big drop from 115 to 109, SPY needs to retrace back up in 3 point progressive move, 106, 109, 112, 115. The 106 is the strong support level. There was a gap between 109 to 110. The 112 was the breakout point not too long ago. The 115 was the top.
Again I am closely watching USO, spot gold, Dollar and VIX.
The USO could bounce back up to 39.
The DXY (dollar currency) could drop back down to 78.5, the breakout level.
The spot gold (GLD) could hit 109.5 to 110.
I am expecting VIX to retrace back down to 19 area.
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