Short Term Bounce to $195.50
What we saw on September 29th, 2015 was a systematic flush in overcrowded trades related to fears and woes of geopolitical tensions. We are squandering in the same woes of the summer, but no flush? If it was going to happen it would of most likely happened already within these first two weeks. Yes, by no means was it an easy two weeks, but we did not see a major flush. As I've stated many times the selling that took place was extremely methodical these past two weeks.
Are there Black Swans everywhere? Sure. Are peoples emotions teetering? Absolutely. But from a technical stance the
SPY in particular seems to have a near-short term bounce coming around the 195.50 area, relative where we did gap up on October 2nd, 2015. I will be watching this area extremely closely. 'IF' we get this bounce and it surpasses, look for not just one but TWO gaps to be filled on the way back up before we head lower.
This is a short term stance on what I believe.
Are there Black Swans everywhere? Sure. Are peoples emotions teetering? Absolutely. But from a technical stance the
SPY in particular seems to have a near-short term bounce coming around the 195.50 area, relative where we did gap up on October 2nd, 2015. I will be watching this area extremely closely. 'IF' we get this bounce and it surpasses, look for not just one but TWO gaps to be filled on the way back up before we head lower.This is a short term stance on what I believe.
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