Thursday, January 21, 2016

Jan 21 - Still long, need a SPY close above 190

Kind of a soggy open and looking for min 190+ in SPY to hold overnight.  Otherwise there is risk of another leg down.  That said, so far action is productive even if unimpressive.  I don't like how risk assets like small caps are underperforming today.  VIX is also stubbornly high.

The upper trendline for me has to break and stay above it by close on the 30 min

Resistance above.
 Looking at the recent candles you can see why there's risk of another leg down if today's close is not strong
 VIX also needs to follow through with selling.

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