The $SPY got defended yesterday @ 160.50 (50ma), and spiked into a nice V shaped bounced, that took a lot of people by surprise including yours trully.

I honest felt that we were going to slice through that 50ma, and hold the line on a spot less visable to many. I personally don’t expect this positive vibe to last too long.

I am curious to see how the $SPY will not handle the 20ma (164.85). That should be an interesting level to observe and expect some kind of concrete wall resistance, or a nice level where the $SPY can break out and run freely to new highs.

Jobs report was decent, with 5,000 more jobs created than previously expected.

Truth is from all the other economies, the US is again the leader, and still the safest place to invest/trade, but will it be able to hold and stay above once everything starts to fall apart.

Thats is to be seen.

$SPY 1st support is 163.35, 2nd support 161.82 and 3rd is 159.80.

$SPY 1st target is 163.63 and 2nd is 164.67, 3rd is 165.71, and 4th just for fun is 167.19.

Trade what you see, not what you think

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