$SPY did something interesting. If you guys open a SPY 5 min chart just before the market opened one would have noticed that the $SPY was going to open around 140.20. One could have interpret that an open @ 140.24 (and if it holds) we were building the second shoulder of an invert head and shoulder pattern.
We actually ended up doing just that, and rallied in the morning until we reached a few cents from a possible double top 140.92, and came down in a nice spiral move to re-test the lower range of the the last 2 days move @ 140.17.
We now have been bouncing around, but this time the move lower came with a little bit more strength. For this market to give any clue that it wants higher, it needs to regain the 140.31 level (pivot) and then cross above the 140.64 b/o level.
So far a very choppy day, but still some good opportunities.
I am not going to put any setups out there, since it is too choppy. You are more than welcome to ask me about setups using my twitter @fuinhaz, and if I am not too busy, I will give you my best insight.
May you all have a good continuation of your day.
