For a second day in a row, we more or less moved sideways. However, there were better trades available today. If you read my post from yesterday, you could have played the range perfectly with a intra-day buy somewhere in the low $109s. Note, we didn't get a break below the $109 level, so that was a low risk buy signal if you just placed a stop around $108.99. We reached the first price target at $110.40 and topped out at $110.47. The mini double top was a short signal after the SPY failed to break above $110.40-$110.50 resistance.
Since we remained more or less flat today, tomorrow can be traded using the same guidelines as yesterday's post. If we break out of the $109 - $110.50 range, go long on any confirmed moves to the upside (above $110.50) and sell short any confirmed moves to the downside (below $109). Remember, there is key support at $108.79, so look to go long at any failed moves below this level.
Market is still very bearish. I will be looking to break the $109 this week and that may happen tomorrow. If we go breakdown below $108.79, we could see a significant move lower.
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