This is it, January 11 is finally here, and that ends the 45 day rally from November 16. The market S&P 500 is on a 5 years high so in my personal analysis this market needs a breather. But just in case today is not really the day, I want you to understand why.
Remember when I say that everything needs to line up for something to happen. Well on today’s case the $NYMO (McClellan Oscillator) does not line up as you can see on this illustration.
The line is far away from the overbought territory, and that poses problems to my thesis. So in case this market does not sell-off here is why.
$SPY 1st support is 146.71, 2nd support 146.37,and 3rd is 146.03.
$SPY 1st target is 147.60, 2nd is 148.68, 3rd is 149.20, and 4th one just for fun is 149.80.
Trade what you see not what you think.
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