AMEX:SPY   SPDR S&P 500 ETF TRUST
557 views
1
Possible bounce if the last uptick is held up to next down trendline. But price bump above 200 dma could be the 4th fail
and then it is down to the floor! Playing small long position to next trendline then short with a tight stop.

Comments

early morning update : Italian bond auction was a success, the yield is still around 6.8 %, so no completely out of the woods yet. S&P futures are up right now. expect a bullish morning, dunno about the afternoon. cheers
Reply
I would like to see a rally but the following are stopping me from entering a long position on the SPY

1) USD : Although the market is technically up, the USD has been holding steady at the same level, i usually tend to stay away if i don't see a downtrend in the USD.

2) Europe : Italian Bond Yield are above 7 % again. Another bad sign for the markets. But lets see how the auction goes tomorrow.

3 ) Volume : low volume over the past 2 weeks or so.

Until i see changes in direction in the USD or Italian bond yields, i will stay bearish on the market. And your charts pretty much indicate very strong resistance a the current level. Will see.
Reply
Fully agree on this. Still holding short position with 130 stop. Will see...
Reply