Daily SPY Read

Another incredible gap up. But today it seems a little different. The $NYMO is half way to the overbought territory, but most of the stocks I watch are reaching 200ma and are above the Bollinger Bands (thx @szaman for mentioning this detail yesterday night). So we are very likely to gap up and fade. So I will

Another gap up day with only the fiscal cliff hopes. For one side I am happy. Ever since November 16, 2012. I talked about the 45 day rally. The extraordinary inverse head an shoulder pattern formation have been going on solid run. The $NYMO went back down to a neutral level last Friday  and yesterday's run just made

$SPY gaping this morning, and almost crossing the 142.71 b/o level on my charts. It seems that House speaker John Boehner is showing a positive attitude regarding the tax hike on the rich, but that is not what Europe and the stream is feeling. I do expect a pop and a sell off today. For

Another flat open, and the stream finally convinced that we reached a short term top. When the $SPY failed the 143.17 level yesterday, I finally saw what I wanted. many names rolling over, breaking their own Fibonacci levels. To say the least that we will drop to the 140 level sounds foolish but very possible

$SPY to open flat after yesterday crazy gallop. The $NYMO (Mcclellan Oscillator) have not closed above the overbought territory once, even though we crossed over it multiple times on previous days. The pattern that I currently see on the $SPY is a possible formation of the head on a head and shoulder pattern. But until that really happens it

And the $SPY doesn't want to do anything about a pull-back. It touched 144.10 yesterday which was my 2nd target. It is now gaping up again to re-test it, and I think that it is all in the hands of the fed as we wait for a decision that we already know what it is. Traders are pumping this make

So we are gaping up to just below the 1st Fibonacci retracement level of 143.18. I have been insisting on a pullback, and if we don't get it today, then I have to give a huge shout out to the bulls. But on my charts a pop to the 143.18 level would put the  $NYMO (McClellan Oscillator) at

$SPY pretty much flat lined again. Nice move up on Friday, but I am finding it so much hard to embrace this rally without a decent pullback to re-test the 140 level. I have a strong belief that we will move above the 1500 level in the S&P 500, but that is not going to be an

I am not surprised by the jobs report, I am actually curious to see if we will move above the 142.71 level.. As long as we can stay above the 142.26 level today this rally have legs to re-test the highs. Anything goes wrong around 142.71, and we slide back down. Overall i am still bullish, but the short

I still don't feel like this market is ready to go back up and test the highs. The drop yesterday, and explosive recovery was very impressive, but the late day selling still signals that there are levels that this market wants to test. Today's jobless claims decline was nice, but not enough to put a smile on