christian.langfors

SPY - IS IT TIME FOR ANOTHER BLOW OFF SELLING EVENT

AMEX:SPY   SPDR S&P 500 ETF
60 0 2
/ES ( SP500             fut.) has dropped like a stone in the deep sea over night (currently at time of writing ~1,5%).

SPY             closed already yesterday below lower Bollinger Bands on the daily chart and if the market opens & closes at another -1,5%, we are way below the lower Bollinger Bands .

By looking at the historical SPY             charts, I'd say there is quite good odds for another blow off selling event, leading to a strong rebound. IF there will be such an event, it is obviously impossible to say from where it will/could rebound but personally I will look what happens when RSI (14) get lower to that 30-level.

Nothing in the price action in the SPY             daily chart wants me to go long. ....and perhaps that is the best bullish sign there is ;-)

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