Fuinhaz $SPY read for January 29 2013
January 29, 2013 - 9:10am
Today we are looking for a negative open which does not surprise me at all since yesterday I started to notice a different $SPY from the previous week. For the next two weeks we should expect the market to pullback about 3% before we climb back to make new highs, and close this run around 156.80 on the $SPY. I am expecting a pullback all the way down to 145.50 - 145.75. This represents a new level on my new reading for Fibonacci retracement levels on the $SPY. This 145.75 level is the 3rd retracement level.
I am trying to represent the Fibonacci level on this S&P chart since my $SPY chart have so many levels, I am the only one that can actually see something. I also want to point out this is an educated guess to the path that I expect the market to flow, and the pullback that I am suggesting is something I have noticed from previous years.
$SPY 1st support is 149.40, 2nd support 148.8...
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