Strong NFP report this morning got me thinking that my pullback outlook on SPY could be flawed. But just as I look at daily chart I return back to my original thought - it is way too overbought, divergence of price with volume and momentum is continuing, and laminate resistance of July 2011 high, upper bollinger band, and -23.6% fib is looming. I just can't go long here...
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvd38O_nFDwv2N2Vo6VXBTHA9yfgQkiD56L2rt5ppWAHuvjgJNMbITMrwcEqEbRm_QSd3fCT6F9KHPWiNGWG38bWwq-nH4Ijg9izHN29RF1ATQ6eW__DE7SQYZelcCR2583pG9DlvHxoP6/s640/SPY.png) |
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