Just sharing my take on today’s action on the SPY chart.
That big red bar at the far right of the daily SPY chart is Bearish to be sure. Watch your profitable positions carefully so that all that profit does not evaporate into a loss.
One should take the action in the market seriously at all times. I am less than 20% exposed to stocks and ETF’s as we have discussed in recent videos, and I would welcome lower prices.
This selloff is no big deal to my analysis, and it can be a very healthy and normal event.
If we keep going lower to the green and even red lines drawn on the chart, that would be fine. It would be nice to get some things on sale for a change.
Not to confuse you, understand, the larger trend is still up, but after a day like today, you should be ready for a short to medium term trend shift in the context of the larger bull market.