SPDR S&P 500 (SPY)

[123tom]

The set up now for the next pop....
that might turn into the next major rally wave.
the last 2 trading days....a plunge to test 2680 support step. a big bounce recovery to 273 step, today a pullback to the 2710 step Holding....and tomorrow could end the week with a Big rally bounce thru the 274 and finish with a new break thru target 275...and This could be the beginning (in the last few days) of the Wave 5 rally to target 280 area.and a happy June for everyone but the shorts.

1 month/30 minute chart.

Major support held at the 2680 step. and the big bounce was a strong statement, boosted by todays higher low holding the 2700 step. Watch for a surging bounce tomorrow that runs higher than 274,and closes above it. This could become the start of the Wave 5 rally to target zone 280-285