The bounce was quite firm in the morning until the air started to leak.
Take a look at the SPY hourly chart below:
Did you see how the early morning bounce hit the top of the long-term uptrend line and dropped like a bowling ball from there? Did you notice the steep of the drop?
It is not very inspiring for a bounce even though Dow Jones is still trading a positive 60+ points.
Look at the daily SPY chart below:
Today bar is trading near the bottom of yesterday bar; again, it is not heart-warming at all. It looks like your significant other is ready to leave you high and dry…
My cash level is now 52%.
Caution is warranted here.
Just my 2 cents.
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