User: Ryan Mallory: Market Analysis: Fuinhaz $SPY read for December 19, 2012 | SharePlanner

Fuinhaz $SPY read for December 19, 2012 | SharePlanner

Another incredible gap up. But today it seems a little different. The $NYMO is half way to the overbought territory, but most of the stocks I watch are reaching 200ma and are above the Bollinger Bands (thx @szaman for mentioning this detail yesterday night). So we are very likely to gap up and fade. So I will be watching that since the next break out level is way up there on the 146.16 level. Not impossible to be achieved, but when you put all the information together, it does seem that this market need a lot of juice to conquer such a level.

$SPY 1st support is 144.48, 2nd support 143.98, and 3rd is 143.06 (Just under the 1st Fibonacci retracement level).

$SPY 1st target is 146.16, 2nd is 146.84, 3rd is 147.60, and 4th one just for fun is 148.68

Trade what you see not what you think.

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