Date: September 2012: Fuinhaz $SPY read for September 21, 2012 | SharePlanner

$SPY opening flat. Keep in mind that today is options expiration, and a quadruple witching. A quadruple witchng for those who don't know is a day on which contracts for stock index futures, stock index options, stock options and single stock futures (SSF) all expire.

With that in mind please expect a lot of choppiness, and violent moves from either way. This is actually a day where I recommend new traders, and even more experienced traders to sit on their hands and not trade at all. But if you choose to do, please be careful, it will not be easy.

$SPY 1st support is 146.10, 2nd support 145.75, and 3rd is 145.34.