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 deficit widens to $44.22B, and European shares rose even though the S&P downgraded the country’s sovereign rating just above junk.

Also this morning we have news that JP Morgan ($JP) losses are being investigated, and that some could see the sun rise in a squared shaped fashion.

The $NYMO (McClellan Oscillator) closed on another good level of support, and I am slightly bullish this morning, but will quickly change hats if we re-test even for a brief moment that 143.19 level.

$SPY 1st support is 143.44, 2nd support 142.92, and 3rd is 141.94.

$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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