The SPY has clearly broken through higher from the resistance point. If this holds, we have more upside until we hit the major resistance which is still a bit higher. It will not break the next resistance. It's too strong.
Therefore, it will be safe to short at the next resistance point which again is a bit higher. You can stay long if this rally holds today.
We have reached a resistance level in the SPY. Will we go up or down? Will we break higher through resistance or drop back down?
It's better now to be back on the sidelines and wait to see what happens. We'll find out soon enough.
It's not that risky at that level. He bought it right on the resistance point. It will likely bounce off from it. If it breaks, you can always cut your loss.
Apple stock has turned its head lower and unless it recovers today, it is headed a couple of points lower before it finds support again. Sorry folks...but it may not hit 100 anytime soon.
Actually, there was a little room to run higher before the resistance point, but it seems as if it decided to turn its head lower prior to hitting resistance. That means the Apple rally is running out of steam.
The market (SPY) fought back to the resistance point if it ends here.
The Nasdaq hasn't hit the resistance point going downwards yet since we retraced most of our fall.
The market (SPY) if it ends here can safely pop higher from the resistance point tomorrow. If it decides to convincingly break down tomorrow on the downside, watch out below because we will have formed a ceiling.
It will be very interesting to see where the market closes.
The Nasdaq is poised to bounce from this level unless the market breaks down completely. The SPY has broken a key level of robust resistance. Let's see if the market recovers from this level to close around the resistance level. If it closes below, there's one more resistance point a little lower below before it falls even further. If the market does not recover, we may be in trouble as we have formed a ceiling at the resistance level that we've broken through.
Let's see if the Nasdaq market rallies from this level to save the SPY. Get the popcorn. It will be interesting.