Ten Observations About The Current Market $SPY

Ten Observations About The Current Market $SPY

  1. $SPY has not closed beneath the 50 day sma in 27 trading days. This is our line of support.

  2. The 50 RSI on the daily chart has been our support level as well these past 27 days.

  3. With about a 3% return in $SPY this year the risk of long equities has really not been worth the exposure. This is currently a swing traders and day traders market.

  4. This year buying weakness and selling strength has been the best strategy. Trends have been very short lived.

  5. The wrong sectors are leading this market  higher setting up the risk of that long over due correction that has still not happened.

  6. This is a range bound market currently.

  7. Financials and momentum stocks are not leading this market higher. That is a sign of an old bull market

  8. This market is rewarding the wrong things, buying and selling quickly, cutting winners short, and buying falling knives.

  9. Trend followers are having a bad time along with break out traders which is not healthy for a bull market.

  10. Traders with quantified entries and exits that have an edge on a short term time frame are still doing well, traders that are over trading and letting daily price movement effect their emotions and sentiment are probably having a bad time in this chop.

Ten Observations About The Current Market $SPY

 Via Mr. Break Out — >

Ten Observations About The Current Market $SPY