$SPY opening flat, but with a very likely possibility to continue it’s bonanza run to new highs since nothing in the technical analysis means absolutely nothing. Bad data is completely ignored, and I have seen the market go much higher out of nothing, until the day it stops, and it starts to give back gains in a much faster pace that it took to get up there.
I will most likely scalp some names today, make .20 to .35 cents in some names, just in case something goes completely wrong at some time during the day. We haven’t reached the 142.21 level which is this year’s high from April. We could be seeing a double top for the year, or a new leg of upside. I remain sceptical without a pull-back, but my scepticism have been proven just a waste of time. Yep, I missed most of this rally.
$SPY 1st support is 141.27, 2nd support 140.96, and 3rd is 140.63.
$SPY 1st target is 142.26 , 2nd is 142.71 3rd is 143.55, and 4th one just for fun is 144.10.
Trade what you see not what you think.
