This Is My Problem With Stocks
July 8, 2013
Why don't I like this market right here in the short-term?
It's very simple. Here is a daily bar chart of the $SPY - 1) a broken 7-month uptrend line and now a retest 2) resistance from the downtrend line off all-time highs 3) the 61.8% Fibonacci retracement from the all-time highs to the recent correction lows. And 4) Should we really trust last week's holiday "rally"?
If we can get through these levels, then fine. We'll accept the strength, reevaluate and move on. But against these levels I find it difficult to be long.
That's just me. I guess we'll see how it works out...
Tags: $SPY $SPX $ES_F