SPX Breaks Major Trend Support

The S&P500 (SPX) has broken some important supports lately. I'm using SPY as a proxy.

The first chart, on the left, is a monthly going back to the lows of the recession at 666. The second chart, on the right, is a daily to show the trend line up close, as well as to show that SPY has lost its 200 day s.m.a., too.

This suggests a longer-term decline of a meaningful magnitude is increasingly likely.

I'm short this market via Dec. 21 $258 puts, which I've continuously added over the past few sessions of strength. I want to give it time to play out, thus the December contract selection. It's already in the green by about 16%, and based on today's close below the aforementioned trend, I think we have more selling in store over the next few days and weeks.

Short in to strength!


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