YusufS
Short

Market chaos

AMEX:SPY   SPDR S&P 500
Past few days, we have seen failed bounces here in the market. One key level has come to my attention that is actually going to determine the next move. That is the green support line (191.70). On the daily chart that is a very active support/resistance level. As you can see I circled the past few days activity around that level. Traders are playing off that level, The first circle on the left shows that we drove price above that level to stay neutral and not bearish . The next day and circle we bounced off that level showing great support and buying in that area. Today we are showing lots of weakness, If we can close the day below that level, get short with a tight stop just a few cents above it. I have labeled my target to the next support structure as you can see on the chart however it is possible that if we break 191.70 we can fall very very hard.
Comment: Also check out that bearish double top..
Comment: still bearish, updated target if some of you still like to hold longer your positions: 184.50
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