Thursday, January 14, 2016

Jan 14 - We might have a short term bottom

Quickly reversed to long from short (but with a much smaller position) and in the span it took me to set up the charts, SPY has gone up .75%.  Bears might need to wait for this bounce to subside if indeed this is a bounce.

When SPX bounced hard off the trendline, decided to flip long.  There will be more opportunities to short

Very strong positive divergence but it has failed multiple times during the downward trend.
This is the key chart.  Volume is very strong.  Either we have a bottom or major selling coming in this afternoon.  If the big volume selling doesn't arrive, we might have a short term bounce.  How long I have no idea.


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