SPX 4040, SPY $400

This is the level I'm watching this week. It's where I think the risk of a squeeze will peak (likely a slight break to suck in all the bears first). If it broke cleanly and accelerated selling, then the next stop would be around 3700 area or $270 on SPY, with an eventual trip to $340. The sooner it hit the 3700 area, the more likely I'd be looking to exit for a bounce trade.

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