SPDR S&P 500 (SPY)

[NetNeutral]

The Cascading Discount Wave, TAKE 2, – Day 2 …

It pains us to have to post dis-Cascading Discount Wave scenario, BUT, price is indicating a failure of meaning as the SPY can NOT CLOSE above 210.00 and HOLD it, hence, we must be heading down to test support levels of meaning??

Wednesday High 209.81, Thursday’s Low 206.97, wkly range 2.84 or 1.4%

Play-r’s, we got problems for today’s price action and its that a wkly PM of 1.4% or range of 2.84, well, this is UN-Heard of and suggest BAD things for today!!??

Let us calculate potential outcomes using a wkly trading range of 3.50 and 4.00 or 1.7% and 1.9%?

209.81 – 3.50 = 206.31
209.81 – 4.00 = 205.81 (bingo, GAP Fill, or NOT)

The HUGE drop into the last hour of trading has us on the Edge of our seat in anticipation of a violation of yesterday’s LOW (206.97), OR, a move up to breach 209.81 and a posting of a Green April Candle??

Support
208.65, violated 4/22
207.78, violated 4/25 (this line is a guide to the next three wks action, PLEASE do NOT CLOSE below dis-puppy TODAY!!!!!!!!!!!!!!!!!!!!!!!!!
206.84
206.50
205.92
203.97