Real Quick

The $SPY posted a massive $10 reversal from early morning highs yesterday.  S&P500 futures touched 2700, and that figure proved to be too much to handle.  

The sell off hit an extreme late in the day as bid support vanished.

Those looking for the bottom should keep their eyes on small caps.  They have led this pull back, falling first, and unlike $QQQ and $SPY,  $IWM has yet to trigger a momentum shift.   When it does I thin there is a goo d chance the bottom is in for now.

Until then these morning rips are likely to keep getting sold.

Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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