Fuinhaz $SPY read for April 20th, 2012
$SPY opening higher after bulls defended the 1370 level on the $SPX. We don’t have any economic data coming out today, so we have to act based on the action we saw yesterday, and as far as I can see we could be going for a nice relief rally.
Notice that as i write this, we are sitting on a famous resistance price, that I have been talking a lot about lately, the 138.42 level. I do believe we break above it, but not without a fight, and possible test of today’s 1st support.
$SPY 1st support is 138.13, 2nd support is 137 and 3rd support 136.73.
$SPY 1st target is 138.88 (keep in mind the resistance @ 138.42) and 2nd is 139.64 (keep in mind the resistance @ 139.25 – 139.30 level), and 3rd is 140.16.
Remember, trade what you see, not what you think.