Not the best looking charts for indices after the action today.
Market was on it’s way to a break out until the end of the day when things fall apart quickly. SPY closed at the 8 EMA , 270 area. Big spot here. A break below 270 opens the door foe some more weakness . Bears will push the market down on the bear flag break. Market might test the low’s or make a higher lows’s. We do not know that until support holds and/or on reversal candle, day to day basis. Stay nimble and have an open mind. Volatility is creeping back again and there is a possibility that we might see panic type move again. Panic knows no support. For bulls case they need to defend 270 and close over 270.
On a side note, i will be taking off few days starting Friday. There won’t be a watch list until the end of next week. Be safe and happy trading!
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