1-month out futures suggests a trip to the weekly S3 level on the SPY of $386.05. Potential weakness in Tech as their clients opt for cost cutting measures? Outlook on Microsoft earnings suggests their clients are trying to do more with less.
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Options market projects that by February 24, the $SPY is projected to make a 4.14% move. That could be to the upside or the downside, but from today it shows that would put the SPY at exactly $383.84.