SPY Briefing for Friday 8/18/23

SPY Briefing for Friday 8/18/23

Aug 18, 2023

If we don't recover 437.45 tomorrow, 429.70 is the next significant support I see. I had no idea that we'd get down this far on this drop, so I closed half of my SPXU today at the close and am looking to close the other half at 429 or 422 if we get down that far. If not, I plan to hold through any future rally as I still see 422 needing to be tested this year at the very least. That was massive gap resistance and we gapped over without ever retesting. I'll also look to add more UPRO on a recovery of 437.45 or test of 429.70.

As for tomorrow, I'm watching 437.45 and am bullish above and bearish below. Resistance targets above are 439.66, then 442.46. Support, as mentioned, is 429.70.image

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