Some quick analysis intraday here on what I am seeing with SPY and what it might mean for the market going forward.
I’m using a one-hour chart and as you can see there is a clear level of support going all the way back to October. And though we violated it yesterday, SPY managed to recover and recapture that level.
So far today that $200 level on SPY has been the support that has kept this market from falling apart…albeit barely. It could break later on today, and if so may signal a new leg down. Otherwise, shorts should be careful here until it can break below the level again, particularly with the huge gap overhead that is currently left unfilled from the head and shoulders pattern that has already more than reached its target.
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