Today could FINALLY be the day for a meaningful bottom that may not be THE bottom but a bottom. The Russell 2000 is higher for the day and has cleared pivot at $99.24. The Russell is up 1.21% for the day now.
SPY is working to get above and stay above support at 186.14. It is down only -0.56%. It has a chance to close positive on the day. So what do I hate about today.
We WASTED an opportunity for SPY to move below its October 2014 low at $180.92. Today’s low is $181.02. We missed it by $0.10. At some point, we are going to have to test this number. It might be tomorrow, next week, next month or next quarter but before we are out of the woods we need to touch this number. The computers know we did not touch that number.
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Solid piece, concise and to the point.
They could change the algos you know. The computers are dumb boxes.