The SPY has breached is 200-Day Simple Moving Average and is now sitting right on its Exponential of the same periodicity. ‘Sell the News’ was an obvious possibility on top of poor manufacturing readings across the globe, and a mini-meltdown occurring in Europe.
We still may see a final vote pop, risky as that may be, but this clearly feels more and more like ought-seven. Don’t forget the VIX challenged 30 earlier in the year, but so far it has kept relatively tame on the day (maybe that is telling us something?). Speaking of which, good call earlier today Rob Hanna. Nice! And meanwhile, I make out next support near SPY $126.50.
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