$SPY finding it hard to gap up again today. On Wednesday at the end of the day, the $NYMO (McClellan Oscillator) Reached just over the overbought territory briefly, and yesterday even though we made some new highs, the market did not had the stamina to finish up after yesterday’s morning economic data on jobs.
Yesterday’s move made so that the $NYMO dropped significantly, and giving it the possibility of another run towards the overbought territory to make new highs, and who knows, maybe we will stay overbought for a while.
$SPY 1st support is 162.36, 2nd support 161.67 and 3rd is 161.30.
$SPY 1st target is 163.23, 2nd is 163.70.
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