A continuation of yesterday’s late afternoon slide has closed the Bernanke inspired gap and run. It appears price is finding support near that level at the SPY $140 level going into the afternoon. However, with momentum strong and internals weak, it will be important to watch that key level closely.
Excerpt from last night’s ETF Rewind Pro market commentary:
“Last night’s consolidation thesis played out well until the final hour, when a spiking VIX shadowed a mild retrace led by Energy and Financials. The fall back was a bit more severe for the Russell 2000, whose beta continues to make it the day-traders’ major index of choice. While I’m supposing we may see a gap up tomorrow morning, the relative VIX spike triggered an official bearish swing signal, which I am taking as a near-term cue to apply partial hedges for now.
Also be advised, that while end-of-quarter window dressing may positively benefit select stocks, end-of-month has been relatively weak lately with traditional “change of month” positive seasonality having shifted to the first few days of the new month.”
Also keep an eye on that falling 100-min ema/ five-day moving average confluence near SPY $140.40 as possible rebound resistance.
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Bernanke Backfill
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