We stated in the last update to the intraday SPY chart,, "We have identified a Very Aggressive Intraday Short(VAIS) for the 15 min chart which has seen a reaction but it is probable that this short will fail unless there is some unfavorable news overnight."

As the chart shows there was indeed a concerted effort by daytraders to break the short but the overall market sentiment was down which has resulted in the VAIS reaching the first target, a reaction from the long which has reached the first target, to the point where the short would fail but subsequent bad news has added more short sellers. The AIL is close to being tested for the 4th time on the 60 minute chart.

We have identified the next short targets for the intraday at this point. If there is a considerable gap down, the VAIS 2nd target will likely be the target for the gap.

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