On this rally SPY is nearing what I would consider the first profit taking targets based upon the hourly charts.
193.88 is a recent unfilled gap down, and it appears SPY will open near this level today. Just above that level is minor swing high at 194.30. I think it is likely that this 194.30 will be exceeded as a very minimum target on this move.
Above those levels, the unfilled gap down at 196.98 is the next chart based target from my perspective.
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