User: Ryan Mallory: Market Analysis: Fuinhaz $SPY read for November 2, 2012 | SharePlanner

Fuinhaz $SPY read for November 2, 2012 | SharePlanner

$SPY exploding above the 143.19 Fibonacci retracement level I have been talking about so much. And that after the jobs report came with and improvement in October with 171,000 new jobs but the unemployment rate moved higher to 7.9 percent. Above that 143.19 level, the next break out level is 143.55, and as I write this the $SPY is above that at 143.68. If we can keep it above that level, then we will most likely move higher, but any re-test of the 1st Fibonacci retracement level could take us down again very easily.

$SPY 1st support is 142.98, 2nd support 142.36, and 3rd is 141.63.

$SPY 1st target is 143.55, 2nd is 144.10 3rd is 144.60, and 4th one just for fun is 145.19.

Trade what you see not what you think.

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