Thursday, January 17, 2013

SPY Roadmap update 01/17/2013

SPY Roadmap update

About a month ago I had done a post providing potential path for SPY (SPY Roadmap update). So far we have been tracking very nicely to the trajectory I had identified. We hit the key 148.11 level (overshot a little but closed below) where we may see a potential double top resistance. Where do we head next? I think we're ready for small pullback soon probably until 145 level before we start our next leg. The pullback is likely to be shallow unless ofcourse the big AAPL earnings disappoint and it takes the who market down. The chances of that are small, but we should work with probabilities here. I still say we see SPY 150 level before mid-Feb debt ceiling talks when we see a more serious pullback.

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