$SPY trying to continue the run. I will closely watch the 158.70 level. If it can cross that level with serious volume, we might go for a possible triple top, or who knows even higher. Maybe we will even touch my 160.37 educated guess target.
Today’s economic data showed that Americans continue to spend even though their salaries are smaller. That for me is recipe for disaster since people easily forget what too much spending, and low savings do to an individual.
We are one day from the beginning of may which is a season where traders start to sell the market, and resume some moderate buying sometimes in June, sometimes in July. And guess what the $NYMO which is slowly getting to the overbought territory is showing that possibility.
$SPY 1st support is 158.35 2nd support 157.71 and 3rd is 157.18.
$SPY 1st target is 158.80, 2nd is 159.71, 3rd is 160.37(Educated Guess).
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