SPY reversed yesterday just below the upper TL of the ascending channel that has contained price since the June lows. This morning, price is doing battle at the midline of the regression channel formed off those same lows. Failure to hold the low 141s is key and should lead to around 138-138.50. This is pretty much what others have been looking at for a short term move.
Woke up this morning with a really big thirst for a little market pullback. I'd rather see S&P shed 25-50 handles in a day or two than see it go nowhere for another two weeks. The correction through time often sucks. Since I ditched the majority of my remaining longs, obviously my bias is for a pull, either to short or reload longs... for now, my only interest is reloading longs. I don't yet feel like it is wise to short this market, it is too dull, and volume is too close to zero.
