quantguy
Short

Brief Retrace on the S&P

AMEX:SPY   SPDR S&P 500
The subtle news from the ECB came a bit unexpected as to the extent of Quantitative Easing. The fact that the expectation was so massively bearish caused the Euro             to rally like crazy. Historically the Euro             and SPY             have been anti correlated (I've verified this personally), and as such we can expect a dip in stocks today.

On the technical side, note the fact that the hourly charts are showing strong bearish momentum. That and the fact that at present we are in an Ichimoku cloud of resistance suggests that this bearish momentum will continue. The MACD crossover further supports a bearish turn of events as does the RSI and OBV, the latter showing increased selling pressure.

For profit targets consider some levels from gaps or relative highs at 207.62 and 207.04, as for a stop loss, I'd consider 208.75, the nearest relative high.
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