SPY - looks like a breakdown...2nd look actually shows that we closed right where we closed 2 days ago...that 84.5 level might turn out to be key support if it holds
RKH - never hit resistance
USO - support bout to give way
VIX - still downtrending
A/D
ETFs - safety stocks leaders
Analysis: light volume on big fall...hmm...i got stopped out and i bet many others did too. after yesterday's rally, it was expected for us to give up some of the gains of yesterday but i didn't expect it to give up this much...it filled the gap in many charts and most are well under the EMAs in the 30min charts but some key charts as SPY and XLF didn't lose more than yesterday's gains...that tells me that support might still be present and all today was was a shakeout of yesterday's fast traders...but overall, i would be slightly bullish at best...more bearish actually...and even if i remain bullish, this is not the time to buy or hold. its the time to sell and wait for strength to get back in, and if weakness, great time to short the market...market is tough and that means we have to be cautious....
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