The important 73.74 has been broken on the SPY suggesting there is further downside price pressure in our future (ugh!).
As stated previously, weekly signals are still very much bearish so there is no reason for an 'investor' to be even looking at the stock market.
Traders should indeed be short from these levels with your associated stop just above the recent highs at or above 94.55...
Down side trading targets: The recent failure of the market at 73.74 suggests lower prices going forward. To give us an idea of a possible downside target one only need to look at the bearish flag-pole formation. (where the market peaked last Aug. near 128 - then fell dramatically down to a low near 82 in Sept. - then rallied back up to 105) . A break of 82 (which happened in Nov.) suggests prices need to fall down to the 59 level
That's all for this week,
Brian Beamish FCSI
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