Well it was 0400 in the morning getting ready for work on Fri. I thought I have a quick look at the charts and I noticed that the SPY was coming into 2 trends lines which would be some major resistance. The first is the pink trend line from early Mar that was at that time support and got broke. To repeat myself support become resistance once broke and here we are again. The second resistance line is the Mar 1st high. The 2 trend lines crossed at the 133.16. The start of the day we opened above it and traded most of the day about it then about 0200 the market sold off to close just below the 2 lines. I think we head down the next couple days to test the green trend but I still am nervous with this market with all the Fed manipulation. If we continue with the low vol they may try to push this market to new highs but eventually it will break down and when it does it will break hard.
So where am I with this market as far as a trade. I am neutral until the market lets me know where we are going. Until we break above the Feb high and confirm to the upside or we can break the green trend line on the down side and confirm I will remain neutral and be very selective on my trades and not overloading on shorts or longs.
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