I would like to apologize for suddenly disappearing, but I decided to take one week off with my family. It was much need and it was fantastic.
$SPY opening higher as traders expect the Spanish government will soon request a bailout, a step necessary to alleviate the euro zone’s debt crisis. All I got to say about this is Olé.
That is great but the charts are not showing the same picture. They are not showing signs that we will go higher, but consolidate a bit more.
Yesterday on my tweeter (@fuinhaz) I warned traders that 143.19 on the $SPY is the 1st Fibonacci retracement level after the latest run to 148.11. So if the markets have any chance of bouncing this could be it. If it doesn’t bounce there, then we can drag lower until we can find new support levels. Something like 141.05 which would fill a gap left on Sept. 6th for starters. And who knows maybe even 136.48 our crazy bonanza gap up on Aug. 3rd.
My current idea have been to sell the pops. No mercy. Now let’s go to the numbers.
$SPY 1st support is 144.23, 2nd support 143.72, and 3rd is 143.13.
$SPY 1st target is 145.19 , 2nd is 146.13 3rd is 146.84, and 4th one just for fun is 147.60.
Trade what you see not what you think.
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