$SPY did the inverted head and shoulder pattern as I explained in yesterday’s Fuinhaz $SPY afternoon update for July 9, 2012. Today we have a follow through that will caught many shorts and some bulls kind of late. Remember what I wrote yesterday on the Fuinhaz $SPY read for July 9, 2012. That we are in a very choppy range, so please respect that. Don’t get sucked in late, you might end up getting trapped like some did yesterday. Play this smart, or sit out and wait until July 20th.
$SPY 1st support is 134.83, 2nd support 134.30, and 3rd is 133.91 (A couple of cents from the 50MA).
$SPY 1st target is 136.69, 2nd is 137.06, and 3rd is 137.64, and 4th one just for fun is 138.28.
Trade what you see not what you think.
