Just before the close I posted a chart that suggested the SPY might encounter heavy resistance as it approached its' previous high. And boy did it. As soon as it tried making a new high the bears beat it back down in the closing minutes and even after the close. The key now will be to see if we get follow through to the downside. First key support to keep and eye on is 151.20. This is the linear regression line, and it took a bounce right off this level in after hours trading. So for tomorrow I will be watching for follow through to the downside at the markets' open.
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To get intraday trade alerts on my trade ideas follow me on my blog:
junglestocks.wordpress.com/