Someone asked yesterday how do I use the $SPY read to help me during the day.
It is pretty simple, if the market reaches a certain level (target) and breaks through it easily, I know it can continue to run, and I continue to push/hold my longs a little bit longer. If it starts to find some resistance, I know I have to start selling or tighen the stops, and start to find some easy short opportunities. The same things goes for when the market drops and support levels are getting hit. Usually if a support gets hit, and breaks but the moving averages are close to that support, I know that once those levels are crossed again, then are being sustained by the movin averages, and that the market can reverse. At that point I start looking for bullish patterns. Sometimes, red to green plays, and other stocks that held well the sell-off.
I hope this will better illustrate why I find the $SPY read so important, and an extra advantage for those who understand it’s importance.
Here are today’s numbers.
$SPY 1st support is 169.02 (20 EMA), 2nd support is 168.35 and 3rd is 168.14 (50 MA).
$SPY 1st target is 169.59, 2nd is 170.45 (8 EMA).3rd is 171.11, and 4th one just for fun is 173.60.
Trade what you see, not what you think.
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