Fuinhaz $SPY read for December 28 2012
December 28, 2012 - 9:55am
I am sorry for not being able to write yesterday, but if you are a regular reader, you were wise enough to know that I was looking for that 140 level to be a nice bounce spot.
The $SPY is clearly going to re-test that level again. If it can test and stay above, it is a clear signal that the invert head and shoulder pattern that I talked about since November 16 is clearly still forming, and we will continue to go higher. Now in case it fails to hold the next Fibonacci retracement level is 137.65.
$SPY 1st support is 140.27, 2nd support 139.48, and 3rd is 138.71.
$SPY 1st target is 140.64, 2nd is 141.12, 3rd is 141.56, and 4th one just for fun is 142.26.
Trade what you see not what you think.
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