SPY getting smashed but trading into 50 WMA Earli
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SPY getting smashed but trading into 50 WMA
Earlier today there was an attempt to save the market by blasting the dollar. It's effects were microscopic and the S&P has continued to plummet. It is a bloodbath and there could be some more selling tomorrow and later this week.
However now it is time to start getting cautious with the shorts. The SPY is now trading into the 50 week moving average and could see some support at 135. We already saw how there was an attempt to save the market by slamming the dollar. Now I bet the powers that be will wait a bit longer and wait for the markets to get a little more over sold so that more shorts will jump on board, and then bam squeeze them next week in light volume
[IMG]http://i.imgur.com/DwWl1.png[/IMG]
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