View: Fuinhaz $SPY read for September 12, 2012 | SharePlanner

$SPY opening higher as we push into resistance at 144.44. If that is broken we will make new highs once we cross my current break out level of 144.60. Today we have fed decision in which we all know what it will be, and the message going going forward.

People continue to demand for a QE3, but again as I am tired of saying this, we won't get it. The fed will say that it is ready to act if it is needed. please do expect a pop in the morning followed by a slow down until 12:15 - 12:30 when the fed decision comes out, then it is a 50% chance of a rally or sell off. Whichever one we get, please expect the inverse tomorrow. The import prices that rose 0.7% in August from July, which is  less than the 1.5% increase expected mean nothing to the market today. It is all eyes on the fed.

$SPY 1st support is 143.91, 2nd support 143.56, and 3rd is 142.93.

$SPY 1st target is 144.60 , 2nd is 145.19 3rd is 146.13, and 4th one just for fun is 146.84.

Trade what you see not what you think.