$SPY opened strong, and kept going until it reached it’s intra-day R3 @ 143.04 and change. At that same time, $IWM also hit it’s R3 @ 82.46, and everything pulled back. Currently the $IWM bounced off on R3, but I don’t think it will last too long.
In any day of the past 2 weeks, the market has reached R3, and when it did (sometime during the day) it dropped hard. From previous instances, when market pop to R3 before 11am, it has sold . I just wondering if this time the market will do the same, since there are a lot of people still buying any dips they see.
Today i am watching the market a little different from what I was a couple of days ago, and I am afraid a lot of people got caught an sucked into this no selling bonanza.
I have been very honestly lately saying that I have been wrong as I was looking for this market to sell. Today the pop was very violent, but it did not looked real. Not real enough to be sustainable.
Let’s see if market can hold the 142.49 level.
may you all have a good continuation of your day.
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