The SPDR S&P 500 ETF Trust (NYSEARCA:NYSE:SPY) rallied for the second day in a row, the Dow jumping by 285 points. While many bulls are getting giddy over the rally, it likely won't last long and may already be over. I was short for the fall and bought for the bounce back (note the track record here). As of Thursday I am looking to go short again. Why? Purely technical trading off the charts.
If you look at the below chart, notice the big pop on the $SPY has found itself back into an upsloping trend line. This was support when it broke, now major resistance on the bounce. In addition, the 20 and 50 daily moving averages are just above current price. This will add extra pressure and makes it even more unlikely the markets will jump much higher. The downside will begin within the next few days according to the charts.
Look at this documented trading performance; this is 100% verified swing trading results that cannot be disputed! The bottom line, if you followed Gareth and Nick, then you would be sitting on huge gains as InTheMoneyStocks members are! This is the time to pull big money out of the markets, do not miss it!
