Powell is set to speak tomorrow at 12:40PM (EST). Today SPY closed in a doji after the gap down and 8ema retest. It fell back in that wedge and is positioned for a larger move this week. Either the backtest holds and we are ready for a push to 420, or the backtest breaks, results in a vicious fakeout and we sell down to 400 as a first stop. Check out the blue circles in the chart above for the visual on the decision zones.
Here is the calendar for tomorrow
And here are the orderflow levels to keep in mind:
411.58 Pivot
Below pivot targets 410.56, 408.10, 406.61
-> If below 4061.61 target 403.75, 402.91, 400.67 (strong support)
Above pivot target 413.75, 415.92, 417.81, 419.99
-> If above 419.99 target 422.23 (strong resistance)
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-Jovan