Fuinhaz $SPY read for January 17 2013
January 17, 2013 - 9:39am
Another gap up after the number of Americans seeking unemployment aid fell to a five-year low last week. The second good news is that home construction surged 12.1 percent in December.
$SPY is opening above my 147.60 break out level, so that is the spot I will watch to see if it holds firmly. I know that my 45 day rally lasted longer than I expected, but I can see that the volume have diminished a lot, and I think that since we are just running on fumes, we are most likely to reverse anytime soon. The $NYMO (McClellan Oscillator) should have a significant spike today if the market can hold it's strength today, and maybe we start to sell. Don't fight this market and just go short when you see a confirmation.
$SPY 1st support is 147.20, 2nd support 146.52,and 3rd is 146.134.
$SPY 1st target is 146.84, 2nd is 147.60, 3rd is 148.68, and 4th one just for fun is 149.20.
Trade what you see...
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