a feel like i’m forcing posts today since there’s not much going on to report but i’m sure not forcing any trades. with tomorrow being the aforementioned GDP plus a friday to boot, i probably won’t be trading much until next week. here’s the updated 60 minute SPY chart showing that prices hesitated for a while under the top of the support zone until finally breaking above and moving up (relatively) sharply, as is often the case when a resistance level is finally cleared. however, volume has been very unconvincing so far today, even on that mini-rip. we also have another triple-gap resistance area just overhead to deal with next so i continue to take a wait & see approach and have not added back any of the shorts covered earlier this week. i remain pretty much hedged (long/short) with a good deal of cash and a slightly short-side bias overall. in addition to the GDP report, between tonight and tomorrow before the market opens we have the following (plus many more) notable companies reporting earnings: AMZN, KLAC, CVX , F, MRK, NEM, PG, & SPG.
