Chartaholic

Gap Higher - Trying To Form A Bottom

BATS:SPY   SPDR S&P 500 ETF
58 0 0
SPY             moved higher in the overnight session, only to be met by heavy selling. The sellers pushed price back towards Friday's closing price. After multiple attempts to push price lower, sellers gave up and covered their short position as price tried to close near the 164.50 level. This seems to be the pattern in the downtrend - Overnight session is higher, met by seller in the NY session. Last weeks lows appear to offer decent entry levels. It will be interesting to see where price opens in the morning. The Congressional discussion about Syria looms - as any word of a strike will most likely result in huger market volatility.
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