Date: July 2012: Fuinhaz $SPY afternoon update for July 11, 2012 | SharePlanner

$SPY tanked around 2pm, but still held above 133.15 level which is a good support for the day. It would be great to finish today above 134.69, which would put the $SPY above the pivot point, that would help us catapult to the next level. Personally I think that one should understand that we waiting for July 20th's European meeting, and I mentioned on Monday that until we have that meeting, everything else is just noise and a ton of chopness.

There is a bigger chance of us moving lower than higher, but on chop markets we have to come in expecting everything, and trade every opportunity we can encounter, long or short. Never underestimate a chart or a moving average, focus on your daily pivot points and trade based on what you see never what you think.

May you all have a good end of your day.

PS. The reason I did not talked about the FOMC minutes, is because it doesn't change at all the way we are trading these days. Europe is the catalyst, and they got us by the you know what.