Potential SPY Scenarios

7 mag 2020

I see one of three scenarios taking place over the next 2-3 trading days regarding the SPY. We can see the S&P is currently stradling the halfway point between the pre-crash level, and the bottom of the crash as marked by the green and red lines. I think we'll see some retraction of the SPY early Thursday, followed by one of three scenarios. Upon reaching the halfway point around 2800, we'll see SPY push towards one of the blue horizontal lines as it begins it's push into Friday, and if it drops below the red circle area, I believe it will be a sign of potential severe recession. If it stays relatively level, I believe it will be indicative of a bull market next week.