Tuesday, January 26, 2016

Jan 25 - Consolidation fail

We had a great long setup that failed miserably.  Although volume was low the price action looked impulsive and we might be heading towards a retest of lows.  I am playing it cautious until I see more evidence but the close at lows was pretty bearish.

I am guessing a retest or two of lows then bounce or perhaps a break to new lows.  at this point I will be surprised if the market steps up and prevents a retest as we aren't far away from 181 in SPY


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