Despite how heavy the SPY looks to me on the 30-minute timeframe, first chart below, I am still laying off the short side for now due to the small caps and regional banks holding their ground and snapping back to outperform so far today. If that changes this afternoon and the selling intensifies I will shift gears and re-short.
But I am focused on whether natural gas sees some upside follow-through, preferably over $21.50 on the natural gas ETF, second chart below.
Overall, this market smacks of being high risk/fairly low reward, not to mention high summer churn.
Keep an eye on the VXX 30-minute chart to see which way that tight consolidation breaks.
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