User: Ryan Mallory: Market Analysis: Fuinhaz $SPY read for December 28 2012 | SharePlanner

Fuinhaz $SPY read for December 28 2012 | SharePlanner

I am sorry for not being able to write yesterday, but if you are a regular reader, you were wise enough to know that I was looking for that 140 level to be a nice bounce spot.

The $SPY is clearly going to re-test that level again. If it can test and stay above, it is a clear signal that the invert head and shoulder pattern that I talked about since November 16 is clearly still forming, and we will continue to go higher. Now in case it fails to hold the next Fibonacci retracement level is 137.65.

$SPY 1st support is 140.27, 2nd support 139.48, and 3rd is 138.71.

$SPY 1st target is 140.64, 2nd is 141.12, 3rd is 141.56, and 4th one just for fun is 142.26.

Trade what you see not what you think.

Be sure to try SharePlanner's Options Income Newsletter with a Free 14-Day Trial


No comments yet.