Hello All,

More is warranted!

Yesterday afternoon we put out a rare update that focused on intraday action.  We did this because we felt that the technical complexion etc. warranted it.  Here’s a reprint:

“We don’t often read too much into sub-daily 2 hour charts but a possible double top pattern with a break of support has shown up RIGHT AT our 61.8% Fibonacci retracement level near $281.00 in the SPYs.  Coincidence?  Maybe, but worth noting! 

Rolling is prudent.  Rolling when a bounce goes too far, too fast and fails 2 days in a row at the same resistance level after putting in a big gap???  You be the judge!”

Here’s an update on the SPYs action and the nearby support levels should we weaken further:

If those first 3 give way, $270 is next in the crosshairs and then if that doesn’t hold, the full-blown retest we mentioned may have chance to materialize all the way down near $260.

More when warranted!

Thanks,

Wayne