$SPY mildly high this morning. I personally think it is a bull trap since the Cyprus news is the only thing making headlines. I have been noticing a lot of momentum traders being very cautious, and looking for a pullback that will fill the current gap in the $SPY. I can only see one thing. The 61.8% Fibonacci level @ 152.19. On the chart below represented by the S&P 500 4 hour chart, it correspond to the 1512.09 level.
Once we reach that level we can finally better analyze the current market conditions, and find out if we have a bounce in the works, or this is the end of this early year run.
$SPY 1st support is 154.31 2nd support 153.30 and 3rd is 152.19 (23.6% Fibonacci Level).
$SPY 1st target is 155.24, 2nd is 155.55, 3rd is 156.45 and 4th just for fun is 156.80.
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