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Fuinhaz $SPY read for November 19, 2012
This is going to be a very short week, so let’s try to make the best out of it. I think that the market can now run for the next 45 days after this amazing an necessary sell off we had on the previous weeks. Everything finally lined up. We may have pullback days, but I highly doubt that we will go any lower. I am overall bullish. Still cautious as I expect a bottom formation before we rip higher. I am not putting all my money in yet. But very pleased and curious to see how we evolve from here. This is a great opportunity for the US to show that it can solve it’s problems. and set the new standard for the world, who is desperately searching for a financial leader. We are not perfect, but we all know that there is worst out there.
Watch the builders at 10am as economic data will show how he new existing home sales are doing.
$SPY 1st support is 137.40 (.29 cents under 3rd Fibonacci Retracement), 2nd support 136.80, and 3rd is 136.10.
$SPY 1st target is 138.28, 2nd is 138.42 3rd is 138.88, and 4th one just for fun is 139.25.
Trade what you see not what you think.
Ryan Mallory is the co-founder of SharePlanner Inc, a financial website devoted to Day-Trading, Swing-Trading (both long & short) and exchange-traded funds. Ryan makes a strong emphasis on risk mitigation strategies, trading transparency, and trader education – not to mention a great set of stock screens as well.
Be Sure to Check out Ryan’s Site at Shareplanner.com
2012-11-19 14:50:16
Source: http://www.shareplanner.com/featured-blogs/fuinhaz/spy-readings/15518–fuinhaz-spy-read.html
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