SPY gapped down at the open, moving lower to 386.29. From there we saw some sideways action, with SPY moving between yesterday's close, and the opening low. Just before 10:30am, SPY began to move higher, reaching 394.45 before noon. After a slight pullback, SPY moved to 396.14. From there we saw mostly sideways action with SPY hitting a new high for the day at 396.47 shortly before the close, and closed at 396.04.
We have now seen a considerable rally off the Wave C low I identified yesterday. As I stated yesterday, once this wave completes, we should see a pullback near the magnitude of Wave A, which was ~5 points. This should then be followed by another wave higher to complete Wave 5 from the March 13th low.
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