Middle of nowhere

  • Posted by
  • on September 8th, 2011

We rallied almost 7 points in the $SPY in 3 days from support, hit resistance today, and reversed.   Nothing too surprising here — and also nothing to draw conclusions from except that range-bound strategies are still ruling supreme.

120.8 gap fill — our short alert from yesterday’s newsletter:

We’re in the middle of the flag/channel,  basically in no-man’s land for anyone who is not a day-trader (for new positions anyway).    Next support in the SPY near 117-117.2.

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