User: Ryan Mallory: Market Analysis: Fuinhaz $SPY read for April 2 2013 | SharePlanner
Fuinhaz $SPY read for April 2 2013 | SharePlanner
$SPY gaping up again, but what no one is looking is the strength of the $FXY which represents strength in the Yen vs Dollar. Also the weakness in the financials as one can see in the $XLF.
In the case of the $FXY, I am interpreting the formation of a head as I strongly believe an invert head and shoulder pattern is starting to appear.
And on the $XLF we can see the opposite. I am seeing a head and shoulder formation.
Again I want to be very clear, that I am being early in my predictions, but this is to help my readers to understand when we have one good day in the market, and 2 bad days following it. Once the number of bad days becomes more significant you will see people writing about what I am presenting to you now, but way latter. One should still trade what they see, not what we think, but please notice these pattern since they can help you understand when to start shifting gears.
$SPY 1st support is 156.10 2nd support 155.64 and 3rd is 155.00.
$SPY 1st target is 156.80.
Trade what you see not what you think