$SPY opening slightly higher as GDP expanded at a 1.7 percent annual rate that was up from last month’s 1.5 percent estimate and in line with economists’ expectations. The economy grew at a 2.0 percent pace in the January-March period.
We are still to hear some news from the Jackson Hole meeting, and that will be the catalyst, or reason for us to sell. Let me just remind you that we are opening slightly over the 141.54 level which is a break out level on my charts. So let’s see if it can hold above.
$SPY 1st support is 140.97, 2nd support 140.66, and 3rd is 140.23.
$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.
