senobwas

SPY Santa Rally?

AMEX:SPY   SPDR S&P 500
548 3 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.
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
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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.
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Fully agree on this. Still holding short position with 130 stop. Will see...
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