Wednesday, February 24, 2016

Feb 24 - Short term pullback or more downside?

Still not clear how far things will fall although we are at a good bounce zone at the current gap, beyond that another good bounce zone at next gap at 50% fib in SPY.  Volume has picked up but will wait to see how things turn out end of day.   I could easily imagine some chop for rest of week and will be treading lightly in all likelihood during that time.

Good potential bounce zone.  If we bounce how high we go I have no idea.  Wouldn't be surprised though to see a bounce to refill today's gap then back down again.

 sell signal on daily.  Will be watching this to see if this plays out.  Off of intermediate term bottoms that move up quickly I am usually wary about assigning too much value to this signal.  Works best in sideways markets.

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