The past week of trading has been characterized by thrusts lower, followed by pauses before another breakdown. The 30-minute SPY chart below illustrates that point. I have seen plenty of bold predictions by bulls about the imminent rally to take place. Perhaps that will eventually happen, but as long as it is not I have no interest in putting my ego above my portfolio balance.
This timeframe should be one of your guides to avoiding the noise and focusing on what is actually happening. At a minimum, bulls need to get back and hold above $134.50 to reverse this short-term trend.
Something else to consider: The Nasdaq is noticeably lagging the S&P 500 and Dow Jones Industrial Average today, which is usually not a good sign for risk appetite.
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