Monday, October 20, 2014

Oct 20 - Short SPY at close

Market closed at a pretty tough resistance area.  200MA + resistance level as indicated.  I probably would've held off until tomorrow but the extremely weak volume in most ETF's stuck out.  I try not to make too big of a deal of weak volume as it isn't a great indicator but it was hard to ignore volume dropping off so markedly since the recent bottom.  Plus the 192 level which is also even stronger resistance is right overhead so felt odds were decent here.  Regardless, I have shifted from my earlier position of putting the recent low as a intermediate bottom as the bounce up has been very weak considering the severity of the decline.  It's very possible we will need to see some froth and basing to move up with confidence.




No comments: