SPY Charts 5/11 A Hunting we will Go. For Bulls!

I am a bear on the hunt for the bulls.  This market is showing its teeth right now and its not being very friendly.  This week especially we have been drifting ever down ward and continue to test support.  But every thing is feeling more like last spring.  I feel like I am out in the forrest and bears are out in force.

This weeks price action has been choppy going into support at $134.50 when we tested that on Wednesday.  And I thought it was impressive enough at the bottom that we would get a little more of a boost than we have.  Today was particularly disappointing because most of the week we rallied into the close, but today we retreated off the highs of the day.  I believe going into next week we will get a short term bounce and fail to reach $137.50 that will put us officially into a bear walk.

SPY Chart 5/11

$137.50 is key to get over because it is not trading as resistance both the 20 and 50 day MA and breakout S/R is at $137.50.  That is why this week I have been looking to add a few more bearish trades to the menu.  Don't get me wrong there are still some good bullish stocks out there but due to the conditions now  I feel it best to start looking at more bearish trades.

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Disclaimer: This article is intended to be informative and should not be construed as personalized advice as it does not take into account your specific situation or objectives