“There is only one success – to be able to spend your life in your own way.” - Christopher Morley
Some more weakness Friday for the S&P but we did close with a doji bar so I’m looking closely for a few bounce trades.
We are very oversold now and will see a bounce shortly.
I’m still trading very light, if at all but taking a few select trades is fine.
I’m still holding my Vipshop Holdings Limited (NYSE:VIPS) position and took a very small short in GW Pharmaceuticals Plc (NASDAQ:GWPH) Friday.
Let’s move right into the charts and see what the indexes are showing before we look into specific stocks.
SPDR S&P 500 (ARCA:SPY) has a doji bar from Friday and they often signify a trend change.
We need to hold and close above 192.50 to confirm this.
If we fall further, the 100 day average at 190.46 will be the next support level with a possible intraday spike down to 190.
If we spike to 190 and bounce, that would be an area I’d look to get long at.
If we just move higher from here, 193 is the area I’ll be eying for a buy.