I turned on my laptop and was glad to see my dawn is welcomed by this green. My stock picks a few day ago got RBCN. It soared 11.05% today after a jump of 8.6% on Friday. I pray for my SFLY wishing it a same fate as RBCN.
I think intraday shorts finished. I expect Europe markets will be bouncing and keep the green tomorrow. EURUSD may behave the same. Consider to load longs.
My stock pick: SFLY BAK S (I am a bargain hunter).
SPY daily in general picture still looks bullish, however intraday price action seems sluggish. Bears, being fueled by the 4 consecutive plunge days of EURUSD, may attack hard today. The 1st support in case of a hard pullback is the MA200 @126.00. Next support is the bearish resistance line 7/7/11-7/21/11. The final support for this Bullish Trend is the bullish support line 10/4/11-11/25/11.
SPY 30min seems that a triangle is in the forming.
SPY 5min: My S&R boxes for today [126.40 - 126.91] & [128.22 - 128.71].
Trade setting for 1/9/2012
Expecting a negative price action today. It may be a sluggish or a hard pullback.
Bears: Short if US-markets open in red and Europe-markets are in pullback mode.
Bulls: No buy if a deeper than 1% pullback is seen.
However, if bulls were to add strength and have pierced through 128.38 then
Bulls: Long again.