The above intraday SPY chart is not giving longs much to work with today. I see bears are out and starting to pound their chest a bit. We shall see if they get their replay of the 2011 summer swoon, but I have my doubts.
That said, cash levels are very high as I have to step out for the rest of today’s trading session to take care of some unfinished business…
Stay nimble, my friends.