The market fell at the open and, by and large the senior averages are down roughly 0.50% or more as I write this. It is hard to call this type of action a bloody message in response to the federal government shenanigans in Washington D.C., though, given how many momentum stocks like CMG REGN TSLA are actually in the green. Facebook is barely lower, as well.
Nonetheless, the market remains in pullback mode, with a slow fall over the past two weeks. I am staying very light here, with select shorts and looking at relative strength longs inside 12631.
I am watching, like everyone else it seems, the 50-day moving average on the S&P 500 Index daily chart, first below. If dip-buyers get trapped here it would mark a change in market character from the easy dip-buy.
Next, on an intraday basis I am monitoring the 5-minute SPY chart, second below. If bears are going to get a “trend day lower,” this little bounce from the morning lows should roll over within the next hour.
What are you trading this morning?
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PNRA on the verge of big splat
Definitely…Been weakening for a while. Troubling consumer sign.
not wanting to pump anything but check out XON ..been buying last few days
Nice pop on it.