$SPY finding some stamina to keep this market going even though today is anybody’s game since we have fed decision today. Well there is no real fed decision. Remember what I wrote yesterday “As we all know, nothing is going to change, and the only thing people will be expecting to hear are the words QE3.”
Today’s data came very strong as the private sector created 163,000 jobs in July vs. 108,000 estimate: ADP.
So even if people want to make a typhoon in a glass of water, or add some wood to a fire, all I have to say is that you are wasting your time. The economy is not perfect, but it is not turning back wards. We may face some obstacles ahead but as long as the government step in, there is always a way to keep the tax payers happy. The day that the government is broke, then reality will settle in and then people can say the usual words. I told you so.
Now let’s go to the numbers.
$SPY 1st support is 137.93, 2nd support 137.44, and 3rd is 136.86 (a few digits above 100MA).
$SPY 1st target is 138.88 , 2nd is 139.25, 3rd is 139.64, and 4th one just for fun is 140.16.
Trade what you see not what you think.
