Monday, November 16, 2015

S&P 500 : This Looks Like A Very Weak Market

(^GSPC, INDEXSP:.INX, NYSE ARCA: SPY, ESZ15.CME, $ES, $SPY); By Chaim Siegel of Elazar Advisors, LLC; Prices Quoted in S&P 500 EMini Dec Contracts

We don't have any official trades today yet but the fast start and the lower highs since makes us think this is confirming a weak overall tape.  Shorts were probably stuck overnight trying to get cute on bad news and were squeezed.  Now, it looks like like the overall issues we spoke about  earlier today are taking hold.

A break of 2011 would be a confirm for us to start looking for shorting opportunities.  Like we said earlier we see no major support intraday, which, if you've been following the site, has proven strong more often than not.  See the page Avoid Chasing for some history thus far.

PRICES QUOTED IN THE ES EMINI DEC CONTRACT
#in, #s&p500, #stockmarket, #bestideas, nyse arca:spy
Disclosure: We may be trading S&P ES Dec in both directions at various times in the day
Disclosure: We may implement other price targets than we initially post on this site.
Disclosure: These trades can lose you money and principle especially when using leverage
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