The bulls have started to lose their grip on the action this afternoon, after hovering around the flatline this morning. I currently have a downside hedge on, but will look to take it off quickly if the buyers step up on this dip. You can see on the zoomed out 30-minute chart of the SPY below that the overall pattern off the double-bottom earlier in August has been one of higher lows and higher highs.
______________________
If you enjoy the content at iBankCoin, please follow us on Twitter