Fuinhaz $SPY afternoon update May 3rd, 2012
$SPY holding for it’s life as it sits on the bottom of a mega tiny channel between 139 and 139.30 (remember that monster resistance between 139.25 and 139.30 I mentioned last week).
Within that channel there is very little one can do, specially when everyone is waiting for the $SPY to eventually break, and direct itself straight to the 50MA 138.73, and after that, people will speculate on the possibility of dropping to 137.95 (20MA).
Tomorrow’s job report will dictate the fate of this market.
Today was a day, that I was supposed to be laughing at this market, but instead, it was a festival of mistakes, that I want to put behind me. May better days come upon.
May you all enjoy the rest of your day.