the first updated 60 minute SPY chart posted shortly after the market opened today was the wrong chart as i had mistakenly uploaded an older chart. i have updated that post to show the correct chart and for a quick visual reference, i have added the recent string of 60 minute charts in order as posted with the correct one from the morning as “SPY 60 min 5” or the 5th chart. as you can see, the SPY pushed past that lower reversal scenario and managed to close right about on the upper-most expected reversal point. therefore, i am expecting the markets to continue lower tomorrow and likely throughout the week.
to reiterate, i remain bearish on all time frames at this point (short, intermediate and long-term) but until we get technical confirmation that the short-term uptrend is broken (a break below the 7/12 lows and even better to see the 6/28 lows give way), it would be prudent to keep some dry powder or possibly some long positions to partially hedge any heavy short positions. although i believe that we could be on the precipice of an “all-in” short market, we are just not quite there yet.
