$SPY is bouncing off support from may 2021, and has a nice wick touch with green volume on the daily/weekly. Not to mention that spy was bullish flagging as today ended on the hourly chart. The only time that one identical flag happened was on march 16th and a huge uptrend began.
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Targeting May 31st 420 call, currently at 9.46 at close at the time of this idea.
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FOMC meeting is tomorrow, which could cause a dip into the market and then a strong rally afterwards, and could be the start of a new short-term uptrend.
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The option I was targeting went from $946 to $1600 just today. We shall see what it is at by expiration.
