First of all, I hope everyone had a wonderful 4th of July holiday. It just felt great to have one day off in the middle of the week.
$SPY opening under 137 (as I write this post), and the NYMO (McClellan Oscillator finished on the highest level I have seen in one year, meaning we are over the top. could we go higher? Yes we always can. But I highly doubt it on this situation. even with the Initial claims for state unemployment dropped 14,000 to a seasonally adjusted 374,000. These news are great, but a pull-back is necessary, otherwise the natural feel is of us holding ourselves with thin layer of air.
$SPY 1st support is 136.72, 2nd support 136.04, and 3rd is 135.59.
$SPY 1st target is 137.64, 2nd is 138.28, and 3rd is 138.42 (very strong resistance on my charts), and 4th one just for fun is 138.88.
Trade what you see not what you think.
