Can someone pump some air into the ball please?

The bounce was quite firm in the morning until the air started to leak.

Good grief.

Take a look at the SPY hourly chart below:

SPY_Hourly

Did you see how the early morning bounce hit the top of the long-term uptrend line and dropped like a bowling ball from there?  Did you notice the steep of the drop?

It is not very inspiring for a bounce even though Dow Jones is still trading a positive 60+ points.

Look at the daily SPY chart below:

SPY_Daily

Today bar is trading near the bottom of yesterday bar; again, it is not heart-warming at all.   It looks like your significant other is ready to leave you high and dry…

My cash level is now 52%.

Caution is warranted here.

Just my 2 cents.

Trade well!



Categories: SPY

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