SPY: Monitoring the correction progress

27 Tem 2016

I'm currently holding short positions in SPY, and looking to add if we break the weekly low, as per the setup posted in my inverted SPX500 chart. Upside risk was a rally to the weekly uptrend target, which if it fails, has bearish implications with the uptrend mode retest as the first objective, and if the mode is broken down, further downside to come.
If you're in the short pay special attention to the key levels on chart.

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Cheers!

Ivan Labrie

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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

28 Tem 2016

Not

Good progress.

1 Ağu 2016

Not

Added some levels to SPY, looks fairly bearish here, below the mode at the top, about to breach the FOMC minutes key level, if it closes under it, then that's a really bearish signal...specially if we break all those stops under last week's low (and the approximated key earnings level 'average' for SPY's Q2. The DJIA key earnings level is way more precise than this though, but it'd be too much work to reproduce on SPY)
s3.amazonaws.com/tradingview/snapshots/4/45r5ok9f.png

2 Ağu 2016

Not

We're breaking the Key Earnings Level it seems. I expect continuation this week, accelerating by Friday.