Today the S&P 500 failed to trade up to the lows of Sep 10-11 that are on the top horizontal support line. S&P traded through the 23.6 Fibonacci on Monday but then rallied to close above that level. After a tepid rally yesterday S&P opened higher and was rejected by the Sep 10-11 lows. It closed below Monday's low and the 23.6 Fib level. A rally up to 3256, or 352.60 on the SPY chart I am using should be a good place to add additional shorts.
Comment:
The trend-line at 328.5 appears to be the top of this move and we are essentially there. I will use this as a good reversal point to establish new short positions.