Fuinhaz $SPY read for June 10 2013
I got to keep this very simple today everyone. I got to take care of some personal issues this morning, nothing serious, just things that need to be done. So here are the numbers.
$SPY 1st support is 164.66, 2nd support 163.62 and 3rd is 162.35.
$SPY 1st target is 165.71 and 2nd is 167.19, 3rd is 167.78, and 4th just for fun is 169.09.
Trade what you see, not what you think
Fuinhaz $SPY read for June 7 2013
The $SPY got defended yesterday @ 160.50 (50ma), and spiked into a nice V shaped bounced, that took a lot of people by surprise including yours trully.
I honest felt that we were going to slice through that 50ma, and hold the line on a spot less visable to many. I personally don’t expect this positive vibe to last too long.
I am curious to see how the $SPY will not handle the 20ma (164.85). That should be an interesting level to observe and expect some kind of concrete wall resistance, or a nice level where the $SPY can break out and run freely to new highs.
Jobs report was decent, with 5,000 more jobs created than previously expected.
Truth is from all the other economies, the US is again the leader, and still the safest place to invest/trade, but will it be able to hold and stay above once everything starts to fall apart.
Thats is to be seen.
$SPY 1st support is 163.35, 2nd support 161.82 and 3rd is 159.80.
$SPY 1st target is 163.63 and 2nd is 164.67, 3rd is 165.71, and 4th just for fun is 167.19.
Trade what you see, not what you think
Fuinhaz $SPY read for June 5 2013
$SPY slowly creating a difficult situation for bulls to confidently continue to buy dips. The chart clearly shows that we completed a cycle, and the obvious pattern is a pullback.
I expressed on previous articles that I am expecting a mild pullback, followed by another push to the highs, and then the inevitable emerging countries crisis that I expect the markets to start seeing sometime in the 1st quarter of 2014, but main street will only get a sense in 2015.
The $SPY level of 163.35 is slowly becoming a hard resistance to beat, and one should start feeling confortable with the idea that the 161.78 is the next support level. If that level is also broken, then the 159.40 is going to be the safety net for the bulls to push this market one last time before we will start a long descent. When I say long, I expect 1 year and 1/2.
There is nothing to be scared about unless you know how to read a chart well enough to protect yourself. I am not also calling for the end of the world, I am just showing what I see on the charts, my knowledge of emerging countries, and our current finacial situation. And unless you have been locked in a dungeon or in a coma for the past 6 years you know what I am talking about.
$SPY 1st support is 161.75, 2nd support 159.40 and 3rd is 159.80.
$SPY 1st target is 165.35 and 2nd is 164.43, 3rd is 165.52, and 4th just for fun is 166.87.
Trade what you see, not what you think
Fuinhaz $SPY read for May 23, 2013
Well what can I say? History did repeat itself, and like other corrections or pullback it always comes with the elevator cable broken, and a violent free-fall towards lower levels.
What level would the $SPY needs to hold for now (short-term) to help some bulls exit some positions, or even better, feel like yesterday and today gap down are actually a buy the dip opportunity, and that my chart is wrong?
Let’s see.
Usually the 1st level that will get tested is the 20ma. On a daily chart, that is represented by the 1627.07 level. That is great if you just look moving averages to help you time your entries. But I don’t focus only on moving averages. I like to use Fibonacci retracement levels to help me better time the market. So I personally will be looking for a possible bounce at the 1607.35 (give or take).
Once we test that level, we will shoot back up, and finally reach the 1690.60 level that was not reached. That will most likely suck a lot of new retail traders in who do not follow or have little understanding of charts, and that is when the big money will be made.
These retails investors will be most likely buying everything in their sight, and will end up holding hot bag of potato (not to use any other word). And when the market pullback again and they think that the 1627.07 will hold again, that is when we will flush right through it including the 50ma (1588.52). We will then hold the 1554.00 level that represents the 100ma. Bounce back up just enough to touch the 50ma where everyone is going to say here we go again, and plunge into a bear market.
By that time we will be long into 2014, a few months before Brazil (Emerging Market) starts to badly host the Soccer world cup which I am sure it will be the worst organization ever seen in the history of the FIFA. A lot of world investors will finally have the confirmation that the emerging market countries are a big fiasco, and we will see fireworks exploding left and right. That is when the potato will hit the fan, and we plunge into another crisis.
This is just my theory, but one that I can actually see it happening. But for now, let’s just worry about today’s numbers.
$SPY 1st support is 164.45, 2nd support 163.35 and 3rd is 161.80.
$SPY 1st target is 166.36 and 2nd is 167.16, 3rd is 167.58, and 4th just for fun is 167.80
Trade what you see, not what you think
Fuinhaz $SPY read for May 22, 2013
Here I am again with my $SPX chart that I have been anxiously waiting to see it’s outcome.
The target have not changed. 1690.60. Something tells me that we will hit the brakes once that level is achieved, but one can only get really bearish if we break below the 23.6% Fibonacci level which is represented by the 1607.50 level.
They say that curiosity is what killed the cat, now I want to see if this rally can survive.
$SPY 1st support is 166.76, 2nd support 166.23 and 3rd is 165.79.
$SPY 1st target is 167.58 and 2nd is 167.80
Trade what you see, not what you think
