The S&P finally hit an air pocket after days of lateral move and mixed technical indications. Normally I'd expect this reaction to take us back to 1,080, but for now we are finding good support at the round SPX 1,090 level, and we'll just have to see how enticing this is as a buy for the late-to-the-gamers. Our Market Sentiment reading is very negative and was pegged at zero at one point.
Maybe you can guess where I find myself once more based on today's graphic... sigh. Fortunately I have been playing the chop on the short-side with small tactical positions, and they have worked out well today though honestly this could have just as well been the belated move to 1,120 on the right news I suppose.
Jeff Pietsch is a registered investment adviser in the State of Washington. The adviser may not transact business in states where it is not appropriately registered, excluded or exempted from registration. Individualized responses to persons that involve either the effecting of transaction in securities, or the rendering of personalized investment advice for compensation, will not be made without registration or exemption.
This blog is for educational purposes only, and nothing herein should be construed as an offer to buy or sell, or as a solicitation of an offer to buy or sell securities, or to provide individual investment advice. Investing is risky and past performance, whether actual or tested, is no guarantee of future results. The author neither endorses nor warrants the content of this site, any embedded advertisement, or any linked resource. The author or his managed funds may hold either long or short positions in the referenced securities. Republication rights must be expressly granted by author in writing. Astrices (*) indicate a compensated hyperlink or product reference. Author is the sole owner of the "ETF Rewind," shares in the proceeds of "DV_indicators", and may exchange services in-kind with participant contributors.