One possible scenario is for the market is to correct or pull back from here, and the SP500 might find support near the 78.6% Fib retracement at 1664.70 or at the 61.8% Fib retracement of 1642.39. After this pull back to digest the gains from June 24 to July 19, the market could revert back to its uptrend and the SP500 move toward the 1729.24 level which is the 127.2% Fib extension. The other scenario is for the SP500 to continue its uptrend and move toward the 1720s level, then it might encounter some resistance and pull back to near 1690.
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| SP500 |
Likewise for the SPY, it could pull back to 166.37 or 164.10, the 78.6% or 61.8% Fib retracement respectively, and then move up toward 172.95.
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| SPY |
