Market Overview
The SPY is now 9 consecutive times below the 21 EMA and today is shaping up to be no different, with price sitting at 758.86 against a 21 EMA at 762.58. The 8 EMA at 760.49 and the 50 day at 759.67 are both sitting right above current price, forming a tight cluster of resistance that the bulls can not seem to crack. We did see a failed bounce attempt yesterday that closed back at 762.60, only to roll over again today, which is not encouraging. Until we get a convincing close back above that 21 EMA, this tape stays in a downtrend and you treat rallies as selling opportunities.
