Daily SPY Read

$SPY trying again to bounce. It did held well that 140.90 level, but I still think that 140.14 Fibonacci level will be tested eventually. On the economic data side, the initial claims dropped 23,000 to a seasonally adjusted 369,000, the Labor Department said on Thursday. Today we also have $AAPL reporting earnings, and this time

$SPY due for a bounce, that will test it's strength if at any time today or tomorrow we try to push above that Fibonacci level that I have been talking about the the famous 143.19 level. So enjoy it while it last, and please get out of positions that you may be stuck in. The next Fibonacci level to

$SPY dropping after unemployment benefits jumped 46,000 last week to a seasonally adjusted 388,000, the highest in four months. If one wants to put this in context, all you need to do is to watch how much the $NYMO (McClellan Oscillator) popped yesterday, getting very close to the top band of a range it have not

$SPY gaping again, as homes starts and permits surge. The $NYMO (McClellan Oscillator) finished yesterday at the upper band of the rage we are currently in. A move above the 146.13 level, and this market can get out of this range, and roar higher, so that is to be seen. $SPY 1st support is 144.84, 2nd

$SPY gaping up with earnings of Goldman Sachs $GS and the CEO of Citigroup $C stepping down. This morning's economic data shows that The consumer price index increased 0.6 percent last month, in line with analysts' expectations and matching August's reading. $SPY 1st support is 144.22, 2nd support 143.41, and 3rd is 142.85. $SPY 1st target is 145.19

$SPY trying to open above the 143.19 Fibonacci Level. As I write this it is @ 143.39. I personally don't think that the move is sustainable unless it can break the 143.55 level. In Europe a lot of demonstrations during the weekend. People are trying to give Greece a break, but the problems persist on

$SPY opening higher, but very much like yesterday's action. A lot of traders still watching and looking for a breakdown under 143.19. Today's data showed that PPI rose 1.1% vs 1.7% in August. The bank earnings did not came out as great as many ANALysts were expecting, so yes I do expect us to drop.

I was really proud of myself yesterday nailing that Fibonacci retracement level. I was even happier when I got some feedback from people who benefited from my morning information. Today the $SPY is gaping higher with many good news. We had jobless claims that fell more than Expected. Import prices Up 1.1%, export prices up 0.8%, trade

Not much to say but be careful going too strong on shorts today. If we open flat and start selling we may hit that 143.19 level again. Keep in mind that that represents the 23.6% Fibonacci retracement level. The last time we tested we bounced just a bit under it, so a lot of people are expecting

$SPY opening slightly higher but I am not trusting this move. Germany's prime minister Angela Merkel is in Greece to show support for the country. Well unless I see her comfortably laying on a beach with a wicked weasel bikini and a drink in her hand, I believe that things have gotten better. The countries debt situation is getting