$SPY losing it’s strength after the release of the weekly jobless claims that rose 8,000 to 365,000. Analysts were expecting 370,000; continuing claims fall 19,000 to 3,272,000 meaning that less people are getting benefits. On the other side of the Atlantic, the European central bank held its main interest rate at a record low of 0.75. The Bank of England also left its monetary policy unchanged on Thursday.

Wow so many information, some bad, some positive, some neutral, how does one filter all that to make sense for the day?

Very simple just look at a combination of the $SPY and the $NYMO (McClellan Oscillator).

The $NYMO is still under the neutral position on a day where the $SPY went from very strong in the pre-market to negative. So we are most likely looking for a negative opening, but if we can see $SPY holding on support levels, we can go from a bad open to a decent close.

So let’s go to the numbers.

$SPY 1st support is 136.68, 2nd support 135.91 (a few points under the 100MA @ 136.10), and 3rd is 135.01.

$SPY 1st target is 137.06 , 2nd is 137.64 3rd is 138.28 (serious resistance here), and 4th one just for fun is 138.88.

Trade what you see not what you think.

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