$SPY opening mildly higher, after making another new high yesterday. As much as the market likes to run, I like to keep a very tight leech and also try to find out the levels in which it can fail.
Every time we have a gap up, I immediately draw a short term Fibonacci level so I can keep an eye on a spot that once reached, could reverse the whole market. At the end of yesterday’s session, I was looking for 161.49. So far it have not changed that much, so I will continue to look at that level.
The $NYMO continues to be close to the overbought territory. I personally think this market is just running on a layer of thin air.
$SPY 1st support is 161.49 2nd support 160.68 and 3rd is 159.98.
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