BATS:SPY   SPDR S&P 500 ETF
198 0 0
$SPY Tuesday Dump. Wednesday flat. Thursday up. Friday Dump. Fridays dump essentially completed a measured leg down and also broke below the key 163.95 double bottom low we put in the week before. While this is currently a clear break below that level I am very interested to see Monday mornings action. Do we gap down only to have bulls buy aggressively and recover this level? Do we gap down and see follow through lower? Do we open higher and trap alot of sucked in shorts from friday? Perhaps some sideways around this lower range before really resolving. For me, as I gauge commitment on Monday I will keep things simple. Below 164 = sellers in control. Above 164 and the bulls still got it. I do like the overnight two way gaps we are starting to see now, some additional opportunity for us daytraders.
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