I haven’t been blogging or tweeting much lately since we were nearing the end of this large uptrend channel in the SPY ETF.
The move was getting long in the tooth as I talked about repeatedly with subscribers on a nightly basis and to talk too much about getting into stocks would have been irresponsible.
The channel Finally broke later on in the day this past Wednesday and now looks st to continue lower.
I’m looking for a move to the 50 day moving average under $148 where horizontal support on the chart also sits. This is the first area I’m looking for and will asses the action there.
We got short heavy Thursday and I remain heavily short and looking to add on strength or more breakdowns.
Today’s moves higher or flat are so far on very low volume.
You can clearly see on nearly any chart the heavy volume as stocks and markets broke down. Today’s moves are on low volume which says the moves lower are not complete.
Trade smart, objectively and understand and use your emotions to your advantage.