Be mindful of Time-of-Day continuation pattern

While the $SPY is struggling back to the upside; be mindful of the the time-of-day resumption of the overall current down trend.  I’ll pay attention to the price action around 02:30pm EST or 11:30am PST.  Any major dumping around that time can easily take the $DOW down another 100 points or more.

Notice the 5m $SPY chart below.  There are two 79 & 89 ma that act as resistance; in other words, this rally you are seeing may be a trap…

SPY_5m

Be safe!

My 2 cents.



Categories: SPY

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