$SPY bounced off on Friday afternoon, but it wasn’t enough to launch us to any sutainable level. We had it holding the 100ma, but latyer in the day we broke below, and later regained traction, but failed to close above the 159.39 fib level that during the day became a target.
Today we are opening below the 100ma, and looking like we are heading to fill another gap at 156.43.
I mentioned this on my previous post that once we broke below the 50ma, that it was going to be the point of no return, or at least a very hard spot to come back to.
Protests around the world are not helping the market, and I hope there isn’t anyone out there trying to pull a stunt going long. I give you guys daily targets both for support and resistance, so please pay attention, and play accordingly.
$SPY 1st support is 156.45, 2nd support 154.65 and 3rd is 152.90.
$SPY 1st target is 158.88 and 2nd is 159.39, 3rd is 159.77, and 4th just for fun is 160.00
Trade what you see, not what you think.
