Daily SPY Read

I am having mixed opinions about today's open. The economic numbers are indeed good, but the 141.56 level is proven to be a tough one to beat. I am really looking to see the market pop then dive and maybe we can move back higher again today, or something like Thursday or Friday. I am not trying to

$SPY opening pretty much flat. Just enough for the bears to most likely re load on shorts so we can continue the downhill slide until the 140 (2nd Fibonacci Retracement level). For that not to be true (almost impossible) we would have to blast through the 141.56 level and reach the 142.26 level before 12:00pm,

$SPY gaping higher, above the 1st target for the day of 142.71. Keep in mind that since we are gaping higher like that, it immediately put us in the overbought territory according to the $NYMO (McClellan Oscillator). On the Fibonacci Retracement level, we are just a few cents from the 143.18 point where I am convinced that we will

$SPY about to open flat as the economic data this morning showed that personal income was unchanged in October it actually dropped by 0.2%. This is the first decline in spending since May. You see this is the kind of news that would actually make an average trader just say that the world is ending,

$SPY gaping up and so far confirming my current view of a buy the dip kind of market. I want o remind everyone that we are very close to being overbought, but there are still a lot of space to run. When things get really ugly I will let you all know in advance, so

$SPY taking the hit I was expecting since Monday. We are failing the second Fibonacci retracement level as we find ourselves under the 140.11 level. So this is not looking good at all. According to the $NYMO (McClellan Oscillator) we were due for a pullback ans I expect us to drift lower until the 137.60 (3rd Fibonacci retracement level). If one checks an hourly chart

$SPY opening flat. I will be looking to see how it will react to the 141.12 b/o but the news are not very exciting, so with no real news we can't continue to climb with the same strength as we did last week. I have noticed that some of the traders I spend the day with are

The $NYMO (McClellan Oscillator) is very close to the overbought level. So this is what I am expecting today. We pullback at the open, Then we receive the news from the European commission which will make us run around 141.68+. We will then have a strong close. At that point the $NYMO will be in

$SPY gaping down a bit. As long as it holds the 2nd Fibonacci retracement @ 140.14 we should be due for another run. Today we are waiting for Europe to decide if it will indeed continue to help Greece.  I also did read that Spain is going to ask for 42.5 billions to the European Union. Remember that Spain is considered

I will not be trading today, but I want to leave you with my expectations on the $SPY today. $SPY 1st support is 139.39, 2nd support 138.59, and 3rd is 138.05. $SPY 1st target is 140.16, 2nd is 140.64 3rd is 141.12, and 4th one just for fun is 141.56. Trade what you see not what you