Thursday, June 11, 2009

SPY pivots and target for the day

SPY ran up to R1 with good economic news this morning, but now it's on the third upswing in this channel or pennant or whatever we want to call it. If it breaks above the 95.60 then that could act as support for while

I'm looking for this to pull back to support at either the red trendline or the S1 level (93.23). A break below that likewise would be significant. I closed out some longs this morning, and have some shorts active. I would not hesitate to enter longs with a break above 95.60.

Target is 93.23 on pullback today or tomorrow.

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