May everyone’s heart go to the victims of September 11, and all the loved ones they left behind.
$SPY lost traction from yesterday’s night future after The U.S. trade deficit grew slightly in July, as exports to Germany, France and other European nations shrank and imports from China soared to a new record.
Yesterday I talked about us being on to of the range according to the $NYMO (McClellan Oscillator), and with these news plus the fed meeting tomorrow, I believe we will be pushed to the bottom of the range again. I only expect us to go down for the next 2 days. Maybe late Thursday or Friday we start climbing up again. I hate making weekly predictions, so if I am wrong, please pardon me. On a daily basis yes we will most likely go down today.
$SPY 1st support is 142.85, 2nd support 142.17, and 3rd is 141.82.
$SPY 1st target is 144.10 , 2nd is 144.60 3rd is 145.19, and 4th one just for fun is 146.13.
Trade what you see not what you think.
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