User: Ryan Mallory: Market Analysis: Fuinhaz $SPY read for October 10, 2012 | SharePlanner

Fuinhaz $SPY read for October 10, 2012 | SharePlanner

Not much to say but be careful going too strong on shorts today. If we open flat and start selling we may hit that 143.19 level again. Keep in mind that that represents the 23.6% Fibonacci retracement level. The last time we tested we bounced just a bit under it, so a lot of people are expecting the same. If we don't bounce, one can expect this market to feel heavy, and that all the open gaps left from Aug 3rd will most likely get filled.

$SPY 1st support is 143.83, 2nd support 143.19, and 3rd is 141.75.

$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.

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