5
May

Afternoon Update $SPY

The chop continues and the market is still giving mixed messages day after day. This whipsaw action is testing all my indicators and is getting old. We still have an ascending triangle in SPY but as we continue to test the bottom side more than the top side, my confidence in it is waning. The topside has a mattress of resistance to get through.

Meanwhile, cyber security stocks are taking a beating on the heels of poor numbers from QLYS. As such, CYBR is on my chopping block for a loss. Other stocks in my port are sitting on support and I will likely give them another day despite their relative positions to the 8 ema. These support levels have been more significant than the 8 ema of late. Here is the SPY chart. 

spy55

 

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