$SPY opening very high after we successfully bounced off the 1st Fibonacci retracement level, and the 100MA 136.16 level. The jobs report show that we created more jobs than expected, with 163,000 new jobs added, but the unemployment rate rose to 8.3 percent. This kind of economic data could not have been predicted last evening after we bounced, but if you take off all the news and just focus on the technical analysis, one could have come in today feeling pretty good about their late day entries yesterday.
Again I will repeat what i said a couple of days ago. On the technical levels, we are not going to start a new leg up since we are starting august, and we should now go higher from here until next May 2013 (this is an estimation not a fact).
$SPY 1st support is 138.16, 2nd support 137.65, and 3rd is 136.83.
$SPY 1st target is 138.88 , 2nd is 139.25 3rd is 139.64 (serious resistance here), and 4th one just for fun is 140.16.
Trade what you see not what you think.
