I have a short bias on the SPY, but need confirmation.
With Feds ending QE in October and the market typically pulls back in Oct / Nov, I think we are looking at a possible down trend soon. However, the last times the market went through the 117 MA, it held its low and then recovered strong pushing new highs. We just went through the 117 MA. If we continue past today's lows, I'll be bearish. If we hold close, I'd be more bullish (but overly cautious until Nov). Tomorrow, I'm expecting a small rally (at most to the top of the down trend).
With Feds ending QE in October and the market typically pulls back in Oct / Nov, I think we are looking at a possible down trend soon. However, the last times the market went through the 117 MA, it held its low and then recovered strong pushing new highs. We just went through the 117 MA. If we continue past today's lows, I'll be bearish. If we hold close, I'd be more bullish (but overly cautious until Nov). Tomorrow, I'm expecting a small rally (at most to the top of the down trend).