Fuinhaz $SPY read for February 14 2013
Happy Valentine’s day to all my readers. Specially the ladies.
The $SPY is opening lower, and I have seen it as low as 151.47 which is one of my Fibonacci levels. A move under that level will most likely take us to test the 149.60 level which could pretty much change the current buying the dips pattern that we have seen for the past 2 months and 1/2.
$NYMO (McClellan Oscillator) is back to neutral. So again anything can happen. Be cautious.
I will be focusing on those levels today.
151.47 is still my line in the sand, and my projected top for now is 156.70 in the $SPY. Anything over that, and I will have to work 2 times more to figure out the next levels. (Good new challenges)
$SPY 1st support is 151.34, 2nd support 150.98 and 3rd is 150.65.
$SPY 1st target is 151.83, 2nd is 152.32, 3rd is 152.74, and 4th one just for fun is 153.60.
Trade what you see not what you think.