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- This Breakdown Will Start A Gradual Drift Lower!
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Yesterday, the market was able to rebound from an early decline. The bulls are trying to defend support at SPY 85 and eventually they will run out of gas. In the chart you can see the steep downtrend. Once the initial support was established in October, the market continued to test that level. A series of snapback rallies materialized and each recoil made a lower high. Sellers aggressively “sold the rips” and once again, we are testing SPY 85. Bad news plagues the market and that won’t change anytime soon. We have a lame duck President and a financial crisis that …
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19 November, 2008| Derivatives |
@ 14:38