Back in August we had a “Mini Flash Crash” especially on SPY. We are now lower on the S&P 500 index than in August BUT not yet on SPY. We need to test that low at $182.40. The sooner we do that the quicker we can find a bottom.
That low of $182.40 did happen and now we need to test it.
If you enjoy the content at iBankCoin, please follow us on Twitter
We hit $182.30 between 10:50 & 11:05am in SPY
Then again – given futures leads cash & they SPY is a derivative of cash, wouldn’t the SPY lag everything? You’ve got NAV, tracking error, redemption, supply demand, and all sorts of things that potentially clutter the ETF.