User: Ryan Mallory: Market Analysis: Fuinhaz $SPY read for December 5, 2012 | SharePlanner
Fuinhaz $SPY read for December 5, 2012 | SharePlanner
I am having mixed opinions about today's open. The economic numbers are indeed good, but the 141.56 level is proven to be a tough one to beat. I am really looking to see the market pop then dive and maybe we can move back higher again today, or something like Thursday or Friday. I am not trying to sound bearish at all in fact I am still a believer of this rally, but the levels need to be tested in order for us to have a steady and proper continuation.
$SPY 1st support is 140.60, 2nd support 140.03 (2nd Fibonacci Retracement), and 3rd is 139.02.
$SPY 1st target is 141.56, 2nd is 142.26 3rd is 142.71, and 4th one just for fun is 143.55.
Trade what you see not what you think.
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