The market bounce is providing a potential opportunity for those who care to, to re-short. As you may know I covered a short on SPY on the recent decline and have been looking to re-enter it. The S&P 500 bounce target has been 1950 to 1960, but let’s refine the situation for the SPY.
A slightly abbreviated Key ETF segment due to ongoing time commitments over the mid summer weeks. Just a snapshot in time, picking up where we last left these charts a few weeks ago…
Market godz help me, but I just shorted SPY. No leveraged funds, no options, just a straight short that I hope to be strong enough to hold because we know how these things usually go.
It is not so much the nearby SPY target that I am looking at as it is a constellation of indicators that show market sponsorship eroding. This joins my only other shorts, which are in the precious metals [edit: much less short the precious metals now ] and are of a very different orientation than this one on SPY.
A snapshot of the current daily chart technical status of several ETFs…
GLD is bullish but in the equivalent resistance zone as noted for gold in NFTRH 296. MACD and RSI positive, with RSI close to over bought. Key support is at the MA 50 and 200.
Key ETF charts are a snapshot to current technicals, not comprehensive technical analysis.
GLD bumped above the lower end of resistance yesterday and is support for any continuing S/T rally activity. The big test is in the 123 to 125 area and the nose of the former Symmetrical Triangle.
ETF daily charts are a snapshot of current technicals, not a comprehensive technical review.
GLD has lost support after spilling out of the Symmetrical Triangle. Last week it was at the 62% Fib retrace and this week that is in the rear view window. Still bearish.
ETF updates are meant as a snapshot of the current technical situation, not a comprehensive technical review.
ETF updates are a snapshot of current daily technicals, not a comprehensive technical review.
A reminder that below is a snapshot of current ETF status, not a comprehensive technical review.