Today is my birthday, and I could not have received a better gift than this extraordinary pullback. I want to specially thank the U.S. House of Representatives Speaker John Boehner for being so hard headed and remind him that if Plan A was bad, how much worst could Plan B and C be.
Other than that, I want to remind my readers that this is a healthy pullback and that I expect the pullback to continue until the 140.10 level.
$SPY 1st support is 141.59, 2nd support 141.25, and 3rd is 140.11.
$SPY 1st target is 142.26, 2nd is 142.71, 3rd is 143.55, and 4th one just for fun is 144.10.
Trade what you see not what you think.
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Commit these three rules to memory and to your trading:
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Watching the dollars rise and fall in your trading account can turn a well-planned swing trade into an emotional, deeply personal decision. In this episode, I explain why focusing on price action, percentage returns, and R-multiples can help you avoid cutting winners early, holding losers too long, and abandoning your trading plan.
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