SPY Halloween Day – Scary Retracement?
SPY is showing signs of retracing some of its losses this morning, as the bounce that started Tuesday gains momentum. Short-term targets for today are the previous pivots at 270 and 272, with the latter coincident with a 38.2% Fibonacci retracement.
SPY 60 minute
TICK cumulative is trending lower on the 60 min timeframe. MACD is showing a heartbeat. In order for us to begin to rationalize this bounce as anything more than a dead cat, we need to see a push thru 272 on heavy volume and for TICK cumulative to crossover on the 60 minute time frame.
We’ll use this bounce to tighten stops in newer positions while letting winners run. Recent entries and/or additions in AMD, DIS, EWZ, ETSY, F, INTC, JNJ, JPM, MSFT, ROKU, SBUX, TAL, TGT, TWTR, WMT, and XLNX are examples. We do not hold positions in all of these names, however, we have discussed positions during the live sessions.
Join us during our LIVESTREAM broadcast during market hours. Watch, listen and trade from 9:20 AM to 4:15 PM Monday through Friday.