AMEX:SPY   SPDR S&P 500 ETF
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review of US markets after US job report. It closed in red on Friday despite good data. That is why you should listen to what market tells you not just trading opinions of bloomberg analysts. So, it failed above previous high and closed near lows – something to take notice, maybe it could lead to something bigger. Point to make adjustments is low of the day at $187.78, below that I expect to see some downside follow through to $186.80 – just some kind of tactic move, i am not screaming about reversal. Bigger support at $184.
Overall, it is building a nice upper-level base in front of resistance and could break up sometime, not ready yet.
In general, 2014 is very choppy for US markets as it is range with lack of follow through both sides after big 2013 gains. The theme of the year is trading some individual names with tactics and rules. A lot of action across the board.
Will reduce risk with my longs if friday's tendencie will continue. europe down more than 1%.
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