Take a look at the $SPY daily chart below.
Market opened below the Giant Wall One support and that to me was a big red flag for the bull. It’s going to take a LOT more effort to climb back up to take out the resistance of this Giant Wall One which was once a support.
Needless to day, I placed all my swing order trades to sell at open using market order. There was no if or but or “wait to if there is a bounce” type of mental digression. All were for small losses except for $FB which I still had a healthy gain. When a bad payroll data came out and market tanked like this before market open, I like to stand aside with more cash and see what happen next. I do not like to watch with my cash at risk.
The way I see it, all mini-rallies are shortable. I’ll be looking for short as a day-trade.
Holding only my position trades LRAD, AMRN, TINY and 67% cash.
Be safe!
My 2 cents.
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MAJOR Support!? Hardly.
How you see the support as strong or weak is in the eye of the beholder. Thanks for the input.
Cheers!
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