$SPY opening flat, keep in mind that we have 2 resistance levels that needs to be watched. The first one is the 140.92 level from last Tuesday 8/7/2012, and a really big one at 141.66 5/1/2012. I have been reading on the Twitter stream that other good trades are also looking at these resistance levels. I do believe that once we hit the brakes, we will fill all the gaps, then chop (trade in a narrow range) for a couple of days and start to move up again.
$SPY 1st support is 140.29, 2nd support 139.94, and 3rd is 139.55.
$SPY 1st target is 141.12 , 2nd is 141.56 3rd is 142.26, and 4th one just for fun is 142.71.
Trade what you see not what you think.
