I am sorry for writing this so late. I had a small personal problem this morning.

$SPY reacting to what must have been an amazing dinner for the European committee, that again delivered nothing useful in terms of news for the market to work with. The most important fact about the meeting in my opinion is that they did not resolved the problem of the Spanish regional banks that will ask for a piece of the pie. So to try to put all this in simple words. The first meeting was just to buy themselves more time, and not to fix the problem. The real big problem is not the big banks, those will eventually be saved. The real problem are the small banks, the little wounds, that all together will make the big open wound impossible to close.

$SPY 1st support is 134.79, 2nd support 133.69 (just under 20MA), and 3rd is 133.25 (just under 50MA).

$SPY 1st target is 134.10, 2nd is 134.69, and 3rd is 135.70, and 4th one just for fun is 136.69.

Trade what you see not what you think.

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