The S&P finally hit an air pocket after days of lateral move and mixed technical indications. Normally I’d expect this reaction to take us back to 1,080, but for now we are finding good support at the round SPX 1,090 level, and we’ll just have to see how enticing this is as a buy for the late-to-the-gamers. Our Market Sentiment reading is very negative and was pegged at zero at one point.
Maybe you can guess where I find myself once more based on today’s graphic… sigh. Fortunately I have been playing the chop on the short-side with small tactical positions, and they have worked out well today though honestly this could have just as well been the belated move to 1,120 on the right news I suppose.
