To The Moon

Previous Area of Balance 407-412 continues to be guiding for SPY

- Previously shared that the previous area of balance in Feb would provide some resistance and it did

- Area of balance or ranges usually has 2 halves and as seen so far, price straddles between 407 and 412 (Last 4 days candles)

- Still in a longer term buy channel

- MA5 provided resistance on Thursday at 409

Simply

- Market needs a catalyst to move beyond 412 to 416; Will it be NFP data today but effects will only be seen on Monday

- 405 seems to hold so far, similarly to that of area of balance in Feb, so look out for weakness below 405

- By next week, MA20 should come up to provide support at 400

Still cautiously bullish for me as MA5 has not inverse base yet (though might be starting), means there are some legs in this rally to go. Maintaining my long puts positions whilst increasing my short calls.

@TigerStars  @CaptainTiger  @melson  @LMSunshine  @Deposit  

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