Fuinhaz $SPY afternoon update April 26th, 2012

$SPY pushed above the 139.64 b/o and is now sitting on the next b/o level @ 140.16. I made a projection that the top for the day is 140.30, as you can see on the chart below.

With I think that if we can close above this 140 level, or at least above 139.64, we can continue to climb up, but anything below 139.64, will make myself worried, that we just found a new range to play with.

Keep in mind that tomorrow we have GDP @ 8:30, and depending on the data, it will clearly show traders that we will not have a chance of getting a QE3, and that may take the markets down as a sentiment that we are now on our own.

Let’s just keep all this information in perspective, again I would love to see my 143.50 level printed before April end, but if we don’t, hey it was a nice run until here, and maybe time to rest for a while.