Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

SPY: Is The Correction Done?

ByWarren Bevan
Published 10/14/2013, 02:10 AM
Updated 07/09/2023, 06:31 AM

“Be who you are and say what you feel, because those who mind don't matter, and those who matter don't mind.” Bernard M. Baruch

Another strong day Friday but I still think this is a dangerous market in which to be too active with news on the debt ceiling long or short-term extension around the corner.

To me it seems like it’s a buy-the-rumor, sell-the-news event but only time will tell.

I just find it hard to believe that after putting in a nice top and then dropping sharply on heavy volume that the correction is done with.

Who knows though and I really have no opinion other than what I stated above but my conviction can change and really I have no conviction here since I’m mostly cash with only a gold short position on.

Let’s dive into lots of charts, starting with the index charts.
SPY Daily
SPY had another solid day on the upside Friday, but the lack of volume is always something to take note of.

The $170 level would have been a buy point but on such light volume there is no way I’d be long here.

I’d expect a move back under $170 today, Monday, and then we will see if we are going to correct deeper or if we will consolidate for a couple of days before we power higher with more conviction.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.