Date: July 2012: Fuinhaz $SPY read for July 30, 2012 | SharePlanner

$SPY opening a little lower from the amazing run it had on Friday. Europe holding it's gains, so I really do believe that this will be a buy the dips kind of day. The $NYMO (McClellan Oscillator) crossed the neutral position, but there is still a lot of room until it gets over bought. In the $SPY we are still above all the moving averages, so don't get bearish until some news really come out. And for for now the only things I have been reading are rumours. Rumours in some cases lead to something bigger, but remember we trade the charts, and not directly the news itself.

$SPY 1st support is 137.57, 2nd support 136.89, and 3rd is 136.37 (a few digits above 100MA).

$SPY 1st target is 138.88 , 2nd is 139.25, 3rd is 139.64, and 4th one just for fun is 140.16 (usually there is a big resistance here).

Trade what you see not what you think.