SPY broke that mini bear flag and testing the lows again.
If stays below 260 a visit to February low is in high possibility. As I wrote in December 12th blog post,"Short term market is oversold, so it might churn a bit before making a move down.". Here we are.
Small cap has been a canary bird and broke below February low.Although, short term it's getting oversold so a bounce here a possibility. What is worrisome that some good China and Fed interest news decision couldn't get market to bounce this weak. Bears are in complete control and any bounce should be short lived. Slim picking once again with watch list ideas. I'll post few short and few long ideas, watch them based on market direction. If you are unsure, just sit out.
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CDXS Support and 20 MA bounce watch if market holds.
DOCU 43.30 range breakout watch.
EL Short watch, ideally on green to red type move at open.
LABD Biotech short ETF, watching over 38.20.
PDD Watch list idea,gave a nice trade , now watching back over 23.30.