I want to make a case for a $SPY target to 120. Sentiment could not be worse so often that is fuel for a rally we are just missing an ignition source. Chart wise we could trace out the following pattern on the SPY.
The pattern would require a sell-off over the next couple of days down to 104 and then a rally up and breakout next week above 110 which would make a reverse head and shoulder breakout to 120 perhaps completing by Labor Day.
