SPY rally for the fourth day, although all the news announce is bad news. Let's look at the chart, although the price increase, but the volume is dropping. This might be a sign of weak rally. It is still down trend, and will have a resistance at 93-94.
I think now is a good time to short. I might be wrong. But I still cannot see any sign of recovery. The big 3 car maker bailout will have a great debate. Still a lot of uncertainty. Again, 80 is a crucial support line for SPY.
1 comment:
although i'm seeing a lot of positive divergence in a lot of counters, i still think the bottom is still some way to go.
i believe the market is currently on the verge of transforming into a congestion mode.
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