I sure hope not!
Take a look at the SPY daily chart below.
Did you see that wall around $151.50?
Some will say this wall is nothing. A line drawn from a single pivot high with only one down bar from each side, what kind of wall is that?
Exactly my point!
If $SPY cannot overcome this so-called dime store wall by end-of-day, we have got a serious problem. This rally may be a dead cat bounce after all.
Well, the day is not over yet. Let’s wait and see…
Despite a 100 points rally, I feel price action is meandering around all day…
Currently long LRAD, AMRN, USU, CCJ SZYM, URA, DCTH, DNN, and 36% cash.
EDIT: After-hour update
Well, I’m glad to see SPY has closed strong today. It is way above the dime-store wall! 🙂 Nah, today is not a dead cat bounce. We may see higher price action next week.