9/15 Recap. The Market Finally Broke Down
What a day. Early this morning, the SPY gapped down and I tweeted this
Why? Well when you have a technical breakdown like that, previous support becomes stiff resistance. What happened from there? The market went a little over 395 and faded all the way down below 390 at one point. Now if you look above you have all those moving averages pointing down and a close below the uptrend, this is ugly and exactly why I’ve been telling you near daily to lighten up and hide in Twitter(which btw was green) but we will get into that later.
As we zoom out, you can see the uptrend from mid june is officially broken. There isn’t much to say about this except, for the time being, stocks are not bullish, so don’t try to be a hero. If we can close above that uptrend line, by all means go long whatever you want, but you’ll save yourself alot of heartache if you avoid trying to swim against the tide.
Today’s Unusual Options Flow & What Stood Out
