Today we look at how the SPY traded and what levels give the bulls and bears an edge into monday. We looked at how the 107.75 level on the SPY got saved by the bulls in the last minute, but how the bulls failed to break 108.40 and never reached 108.60 (putting in a potential lower high). On monday we will find out exactly where the market will go based on the 107.75 level.
We also looked at AMZN’s weakness, and how it failed to hold 121.00 level. We believe it is a short under 121, and a buy over 122.50.
We also looked at how GS was trading on its own, and did not seem to care for the whole market direction. Maybe some news is leaking out? In any case, we believe GS is potentially forming a bottom, unless 137.60 is broken down again.
