Sunday, January 3, 2016

Jan 3 - Bearish signs but the question is when

We closed weakly last week and I am fairly heavily short SPY via SPY 205 Jan 29 and looking for downside in Jan.  Stop was lowered to 206 and downside target is 200.  I did close out ERY long seeing how strong the energy sector was holding up as it may be ready for a bounce.

Basically the daily is leaning towards intermediate term bearishness but the hourly is printing potential buy signals so we could see some whipsaw in next few days.

 Potential downside targets...

Unlike the previous consolidation in Dec Jan of last year, volume has been increasing.  This makes me less confident that we will break to new highs.
 VIX could see a drop Mon/ Tues
 Daily $NYMO is bearish

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