European shares are mildly holding their gains as Cyprus fears continue. Some banks were to be reopened today, but he government decided that they should stay closed until Thursday.

The $SPY is mildly higher, but not convincing. Most of the setups I see are bearish, as the market is again trying to find a reason to continue the recent sell-off.

We also have housing data today, and as far as I know that should be a good number since that business is starting to pick up again. Houses aren’t being sold for their full price. Usually 10 to 15% or more in discount, but they are selling and that is what it counts. The inventories are slowly going away.

So if there are any good news in this market, may the housing recovery be it.

$SPY 1st support is 154.98 2nd support 154.68 and 3rd is 154.14.

$SPY 1st target is 155.55 2nd is 156.45, 3rd is 156.80.

Trade what you see not what you think

You Might Like

  • Learn to trade within your means.

    Stop Trying to Hit Home Runs: Start Trading Within Your Means

  • Avoiding traps on stock breakout plays.

    How to Trade Breakouts Without Getting Trapped

  • how to manage your swing trades when it comes to headline risk.

    Managing Headline Risk: How to Survive the News Cycle Without Losing Your Mind