$SPY opening flat after US data shows that jobless claims unexpectedly fell, down by 6,000 to 361,000; trade deficit narrows in June to $42.92 billion Vs. $48.04 billion in May.
From what I have noticed on the past 3 days is a slowdown of the equity names I follow, and yesterday I noticed the same with the indexes. Today I have to say that by opening flat the market give us little to no clue to where it will go. If I had a gun on my head, I would say that all the slow down indicates a move to the downside. Now if I also had a knife on my throat, I would have to say that the move could be initially to the downside, but I would remind that if the guy with the gun was short, that he should take his gains, and I would tell the guy with the knife to buy the dips, since we are in fact in an up trending market, and negative days will not last long.
Ok now that I am safe, let’s go to the numbers.
$SPY 1st support is 139.74, 2nd support 139.43, and 3rd is 138.97.
$SPY 1st target is 140.54 , 2nd is 141.12 3rd is 141.56, and 4th one just for fun is 142.26.
Trade what you see not what you think.
