It is time for an update on the Spyder. Price is at the second price objective for the move up and should run into some resistance in this area. It was an up and down day today with the SPY closing at 112.65 down 0.08. The target for this short cycle move up is 116.41. Right now Max Pain for the SPY is at 110 and I will have to look tomorrow morning to see if there has been a major change in the open interest. This hasn’t worked really well the past couple of expirations, but one never can tell when that will change. The market was in rally mode all day after the open and then it took a nose dive in the last 15 minutes of trading and in the after hour trading as well. For price to start a move lower it will have to go through 111.05 and then the first price objective will be 108.79. The lower time frames have downside pressure being applied to price at the time and the daily chart has crossed over in an over extended area of the chart. The problem is that it has done this before and then continued higher. We shall see how the news tomorrow affects price action.
Trading One 
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