Today I am very happy that I closed all my spy call position yesterday to cut loss. The market is just so weak that there is no really buy pressure. I am all cash to sit at the sideline to enjoy watching. LOL, I am really enjoy it.
See the above chart, I think there is a good short entry today. SPY tested 129.10 zone for three times, but cannot overcome it. This created divergence in both MACD histogram and stochastic. And it can be seen that the the buy volume is less than the sell volume. So 1:oopm is a good short entry for me. The market was down hard to 2:15pm until some short covering occured. The close of today was better than the passed several days, as no waterfall occured. And spy just tested the intraday low again at the close.
The index has been down consectively for 6 days and becoming very oversold. I am anticipate tomorrow will be some bounce to relieve the oversold condition. But I believe the current rule of the game is still sell at the rip. Tomorrow may bounce up to spx=1285. Let us watch and see.
No comments:
Post a Comment