$SPY opening lower, but I do believe it is a buy the dip kind of day. We had the news in Citigroup $C who reported quarterly earnings and revenue that beat Wall Street’s expectations. We also had U.S. retail sales fell for a third straight month in June as demand slumped for everything.
The $NYMO (McClellan Oscillator) is just a bit over neutrality and what I am trying to emphasize is that we are now moving to the top of the range as again I remind you all of the importance of the European Union July 20th meeting. That will be the catalyst or the reason we will sell hard. Until then we are in a range that needs to be played with precision. I personally will be looking for some names to hold 1st support, and will most likely take them long.
$SPY 1st support is 134.77, 2nd support 134.10, and 3rd is 133.27.
$SPY 1st target is 135.69, 2nd is 136.39, and 3rd is 136.69, and 4th one just for fun is 137.06.
Trade what you see not what you think.
