$SPY on the pre-market still under 163.22. This 163.22 level is a level I have been looking very closely since last week. On a very short term Fibonacci retracement level that I drew last week could be the beginning of a turn around. A possible pullback to give the market some breather, and put to take out some of the indicators I follow away from their overbought territory.
The $NYMO went briefly into the overbought territory last Wednesday May 5th.
Last Friday’s action at the end of the day, was just an attempt to pull some new buyers in. Please don’t interpret this as a bearish call. Take it as a warning. I have seen instances where the market will stay overbought for many days, so please use these levels I mention as support to buy the dips on a given day, or until it fails completely.
I will consider the action to be bearish once we break below 162. So enjoy it while we are up here, trust me, I am having a good time too.
$SPY 1st support is 162.69, 2nd support 162.11 and 3rd is 161.49.
$SPY 1st target is 163.23, 2nd is 163.70.
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