MystryBox
Short

SPY short term uptrend broken--short

AMEX:SPY   SPDR S&P 500 ETF TRUST
SPY has been rebounding from the Dec sell off and looks to be getting tired. The rebound has lately increased in acceleration several times detailed here on a 15 min chart:
Shallowest uptend drawn with orange support line, next with green, and latest steep uptend (which has just broken) is in red. Short on the red trendline break (which has already happened). 1st downside target at the green support line (falling back to previous uptrend). Next downside target falling back to the orange support line. I like the orange trendline target as it also coincides with moving average support.

Jan 07
Comment: First target hit right on the close. Might consider dumping half, but still holding for the 2nd target.
Jan 08
Comment: Little rally attempt this morning failed quickly. It just can't get back up to the previous trend (red), it was too extreme. So we're right back to the green trendline, and I expect it to fail soon. Maybe today.
Jan 08
Comment: Green trendline failed--that was quick. Next stop, orange trendline target.
Jan 08
Comment: Bulls quickly pulled the S&P back over the green trendline and rode it up into the close. Still waiting on failure.
Jan 09
Trade closed: stop reached: Going into another acceleration UP. Closing.
Jan 09
Comment: MystryBox
just now
Reopen trade on the green tendline break that just happened. Looking to close on the orange line target.

Comments

Reopen trade on the green tendline break that just happened. Looking to close on the orange line target.
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