2 possible scenarios for the SPY

With the shortened trading week, this week's price action could best characterized as a period of consolidation, as the major indices closed near where they opened.

All in all a slightly positive end to the end to the week as the buyers were able to close the week slightly higher.

At this point all of the major levels we outlined last week have held hence the following scenario is still in play.

We see 2 possible scenarios -

1. If the SPY can hold the ~189 level then the expectation is that we see the market work its way higher.

If the SPY clears the 199.88 level then we would be back to the races with the following intermediate upside target -

Unfilled gap @ 208.32 and a re-test of the symmetrical triangle.
2. Else if we fill the gap @ 192.85 and ~189 level fails to hold then we can expect to find ourselves back at the lows of 182.40 with the following downside targets -

Unfilled gap @ 177.48
Unfilled gap @ 173.22