Ape

Caution to the Bulls: SPY

Short
BATS:SPY   SPDR S&P 500 ETF TRUST
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I find it hard to be a bull in this market at the moment. The internals are screaming short on all accounts. MACD , RSI , MFI , and Volume all suggest a sell off is in the horizon. You can see the trend lines placed in the technicals. As price slowly marches up, the technicals continue to tread lower. The volume in the sell off last week was twice as much as the volume seen today. I circled where this occurred two weeks ago. Then last week we saw a big spike in volume as the market went lower. This is a sign that many including the smart money are skeptical about the upside. I would not be surprised to see a slow grind up the rest of the week. It is possible that the market even creates new highs. Unless we see more volume here I can not recommend looking to the upside. For now I am sitting on my hands waiting for confirmation of a short.

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Comments

If you read. I say I am sitting on my hands. Which means no trade, but yes I was leaning to the short side. But I did make the correct call in saying a SLOW grind up. which is what happened
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nope ur chart says short stop pick out words just cuz it went the other way
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Yeah I was actually. I said slow grind up and possibly new highs. Thanks for pointing out that I was right :)
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and you are completely right here im guessing huh good job
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