SPDR S&P 500 (SPY)

[leftyg]

Sam, or others. Today we have given back about 2/3 or 68% (a good fib number) of yesterdays gain. That also means that net/net for the two days we are up 1/3 or close to 2%. Today was normal price action. It is not surprising after a long decline that there were some more scared hands who sold into the strength of yesterday and early today.

If the price drops tomorrow to $63.00 or less, a red box will fill. If the day closes with that box filled, it will indicate that a continued downtrend is likely......it would also mean we have probably been whipsawed by a 5+% one-day rally..it happens..but it hasn't happened yet.

The signal is still long as shown by the last box filled, which is white. The price action today is not alarming, but expected..the action over the next days will determine whether a new uptrend is in place, or the price move was merely a blip in a continued downtrend.