I’m not a perma-bear but I AM short the SPY at the moment.
With every confirmation of my position I wonder if I’m biased. I’m staying short, for these 2 simple reasons:
- There are now 2 gaps on SPY, one from Jan 2nd 142.56 to 144.73 and one from this morning. Gaps are always closed. On the individual stocks they sometimes stay open for a long time, but not on an index ETF.
- I see a rising wedge. There’s a dozen other lines I could draw, but overall this pattern ‘speaks’ to me as the right one. Volume and stochastics confirm it.