Fuinhaz $SPY read for October 8, 2012

by Fuinhaz

$SPY dropping as global growth confidence loses steam. The $NYMO (McClellan Oscillator) is sitting just above neutral, so one can interpret this in two ways. Or it will break out again, and we move higher, or this we are about to start a new range. And this neutrality will be the current top.

Keep in mind that ANALysts are looking for weak earnings. Also $AAPL is under attack again since cameras on the new iPhone 5 are not working properly. That is the 3rd complain that customers are having towards the company latest product. The two other ones are the maps that are lost, and the weakness of the aluminum casing that scratch easily showing the gray aluminum.

This should be an interesting week.

$SPY 1st support is 144.84, 2nd support 144.49, and 3rd is 143.75.