We mentioned S&P was at resistance, and thought there would be a pullback, and S&P obliged.
It looks like it needs more time to cool, but who know? Market is like a manic depressive – swinging from heights of euphoria to depths of depression.
Volatility is a day trader’s dream, and a position trader’s nightmare. With all the circus going on in the world, one may need to give any position a wide room to play. If that’s not acceptable, then one needs to either stay out, or pick some level with a tight stop.
It may help to remember that the market circus is a 24 hour show, most of the times the moves are set well before market open, so stops may not protect anyone from anything.
I am still of the mind that the recent low is of importance and bulls have to defend if they mean business. I am sticking with levels that I computed and discussed yesterday.
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