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Fuinhaz $SPY read for June 6 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
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
Source: http://www.shareplanner.com/featured-blogs/fuinhaz/spy-readings/17426-fuinhaz-spy-read.html
