Fuinhaz $SPY read for January 10 2013
January 10, 2013 - 10:00am
Another gap up, and $SPY looking for that 146.84 level. Th only problem I have with this level is that the following b/o levels are very far apart from each other and we are just one day away from my 45 day target. Before I get thrown any kind of criticism, I will say 45 days give or take. But still 45 days run with some choppiness was awesome.
One thing to keep in mind is that the ECB (European Central Bank) will be meeting today to possibly lower the interest rate by .25 points from the current .75, and that could be the news that will trigger the sell-off. So we'll be on the razor's edge today.
$SPY 1st support is 146.124, 2nd support 145.69,and 3rd is 145.20.
$SPY 1st target is 14684, 2nd is 147.60, 3rd is 148.68, and 4th one just for fun is 149.20.
Trade what you see not what you think.Continue reading this article »