Yesterdays late day spike to $210 on the $SPY was a farewell of sorts. A short kiss goodbye to a level that was reached for the first time in human history this year. Perhaps we get a tearful reunion later this year, but for now the Captain Obvious side is saying more downside lies ahead.
What else can you say after a day like today? This morning in the chat room I stated how perfect it would be to see my big $IWM $120 figure before the close. That was my key support/resistance line I have been talking about for all of 2015. Last nights recap was titled "Till Support Do Us Part" for a reason.
Once we broke support it was a time to part from the bullish stance. But with today's action, the support is there, and the bullish perspective is still here to live another day.
