$SPY opening lower today, from what I can see in the $NYMO (McClellan Oscillator) we are now on the top of the range on the last 15 to 20 days. We are most likely to pullback starting this week since we have the fed meeting again. We still have lots of space to run to the upside, but as we are on top of the range, one should be extra careful today going long.

One thing that can also happen is that we open a bit low today, and then dip buyers come in and push the market higher as if they are making retails investors think that the fed will come out with QE3 talk, and then dump everything in their sorry souls.

$SPY 1st support is 142.85, 2nd support 142.17, and 3rd is 148.82.

$SPY 1st target is 144.10 , 2nd is 144.60 3rd is 145.19, and 4th one just for fun is 146.13.

Trade what you see not what you think.

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