45min chart SPY...at the big volume supply/demand area...small bounce. As we head into weekend, any negative news is going to drive us down. Neutral or no news, we'll prob bounce and hold this level, but not for an upside swing, more of a wait and see. I continue to have a heavy short bias here, and have since we got above 2750...not sure how long it takes to be clear, but the stimulus/liquidity will not change people's fear. The demand destruction caused by that fear is not a liquidity issue, it is a solvency issue. The liquidity just allows those with assets or capital to take advantage, but the pain will still come alogn with lower prices.
Any breakdown from here, and its the new leg down...the long leg down.
Any breakdown from here, and its the new leg down...the long leg down.