$SPY opening slightly higher, Market starting to show some kind of difficulty closing on the highs, even though new highs have been made for the past days. I am quite convinced that the chart that I presented yesterday have the same sentiment shared by other traders. Even if we don’t look at the same indicators, we all agree that a consolidation is coming.

I do believe that today will be the last chance that the S&P 500 will have to push to that 1690.60 level that I mentioned yesterday. The reason I am suggesting that is because tomorrow we have Bernanke Testimony, and the FOMC minutes. I am expecting him to mention something about raising rates. Even if not immediate, something that will keep analysts on their toes.

Until that happens, let’s continue to buy the dips, and take this higher.

$SPY 1st support is 166.29, 2nd support 165.83 and 3rd is 164.98.

$SPY 1st target is 167.16, and 2nd is 167.58

Trade what you see, not what you think

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