Here we go again with some OPEX volatility thrown into the mix. At the mid-day, SPY price is plumbing the depths of its two week range that looked so close to breaking out just yesterday afternoon. However, I found this morning’s JP Morgan comments rather haunting in the sense that I think they will cast a pall over the market for a while here. First downside target is the twenty-day moving average near SPY $112.80, though we are certainly overdue a visit to the 50-day further along towards $111.20. Price is breaking down once more as I post this in true trend-day fashion. I’d be careful picking bottoms today.
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