November 15 Lows Hold For Now?
The SPY slide yesterday but held above the November 15 lows for now. I am not boosting that is fantastic or anything just simply an observation. The bulls are getting their butts kicked as they try to fight back. Until we have a winner, this will be a troubled market to trade. I have fewer positions on and less invested in lowering my risk exposure. The SPY weekly chart is hanging from the 50-SMA, and that is never good. If the bulls can’t find a way to get back above the 50-SMA price action will need to find friendly support and the $246.00 area could be the story.
The first step for the bulls is to find a reason to find support above $270.50, then $275.90 and lastly (for now) $281.15. Below $270.50 the sellers will work for $265.30 and $260.00
Thanksgiving Week Trade Ideas
With this being a holiday week low market volume, Thursday market closed and Friday a half day I have decided to suspend any new trade ideas until Monday. We will post trade ideas as they appear on LTA-Live Trading Alerts Real Time Market Scanner in the trading room.
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