$SPY dropped under 50 MA @ 133.46, bounced back, but not being able to contain all the negativity in the tech stocks that are being lead by $AAPL. In order for the market to bring itself back up, we need to cross 134.08 to look good again. That is today’s pivot. A move above 133.83, would put the $SPY above 20MA giving it a good chance to run to 134.08.
My day so far is mixed. took some good gains, and 2 losses. But for the day, I am pretty much flat.
I am currently looking at $FCX short under 31.14 (30.99 is a better entry).
I am also focusing on $CAT for a bounce. Right now even as the stock is under 81, I am planning to go long over 81.67. For now it is just a thought.
