Flash Update: SPY Prop Up Target 483.70
Wanted to quickly follow up with last week’s post regarding “not fading” this up-move. The short-term selling we saw over the last few sessions was not in the bingo card. My impression was that we would hold the prior weeks low and drift higher.
Having said that, the market rebounded quickly off of hawkish Fed fears being largely priced in. Who knows what the actual culprit was: EOY tax selling, hawkish Fed, AAPL — nevertheless, the market defended TD Prop and I’m expecting a drift back into the upside TD Propulsion target.
Risk? Below today’s low on a down open if it happens.
Remember, this is not investment advice. I am not a registered financial advisor. Don’t take the word of any blog, including myself, as all-knowing. Protect your downside always.