On weekly time frame, SPY has formed an Inside Candle. This pattern indicates there would be a downside breakout in the week of 13th Feb or the subsequent week. If that happens, the first target would be 397. If in the subsequent week of the breakout, the price opens around 395 or in simple words the trend continues then 382 would be second target with is a strong support.
Trade closed: target reached
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SPY hit its expected target of 397 before revering back to 400 today. However, this came a week after. Not bad.