Had a brainfart...no week that was...I immediately got to work on the level change overs since we changed weekly, monthly, quarterly and semesterly levels.
Without further adieu:
If you haven't noticed, I usually provide images that encompass the weekly levels because we don't often trade beyond that. Now that I've said that, watch this be the week.
Trading volumes will likely be light, so it will be relatively easy to push the price action around. It also could be relatively easy to get jerked around by the algo's. Buy support and sell resistance. Then again, I'm not a fan of breakouts...I feel like the whack-a-mole.
With the big reset in so many levels this week, SPY now has 4 pivot points and the 50 day SMA basically within 1 US dollar of each other. As we stretch in either direction I would expect that range to be a magnet around which price action oscillates, barring exogenous (read: European) news. Note on the SPY chart the concentration of levels between 142.80 and 143.45. That will be strong resistance, which I suppose is not really all that astute of an observation, considering reaching the bottom of that range puts us at new highs for the year and on this bull run from 3/2009, which would then make those pivot points extremely strong support.
Also, pay attention should the price action return to that 130.80 level. That was previously a Quarterly support level, it does have 3 fib retracement levels which will likely act as support, plus the rising 200 SMA.
If all else fails, try throwing darts while blindfolded...I've only hit my nephew a coupla' times.
