We are currently flagging at 840. 832-836 is the stress area and possible intraday inflection point. We are still in overall range consolidation that started 6 days ago, so I cannot commit the majority of my funds to one side. At this point, the day has formed a shooting star.
Financials are once again dragging this market down.
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I’d expect a possible bounce at 823.
Looks like there’s some buyers at 829 and also 826.
We break 814 and it’s probably lights out.
There’s the bounce. Doji day so far.
Went long SPY Friday, and short UUP (strong resistance). Made a small profit, but I’m out, not enough conviction on the upside (doji), and attrocious layoff news…I think we go back down is the most likely scenario now for the SPY…
XLE closed above the consolidation zone of the past 10 days …unfortunately XLF DIA IYR QQQQ couldn’t hold the price and fell back into the consolidations….appears to be an absence of buyers