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POSITION: no position SPY

I want to be crystal clear - this market will finally be immediate-term TRADE oversold sub 1153 today. That doesn’t mean I am bullish on US Equities. It’s what I call a Short Covering Opportunity.

Lines that matter across our core 3 investment durations (TRADE/TREND/TAIL):

1.       SELL TREND = 1314

2.       SELL TAIL = 1257

3.       TRADE range = 1153-1183

On my immediate-term TRADE range those are lower-lows and lower-highs of support (1153) and resistance (1183) than I gave pre-open. That’s the way the math works in my model. With every 90 minutes of new data, ranges and levels change.

Follow The Leader,

Hedgeye

Keith R. McCullough
Chief Executive Officer

Short Covering Opportunity: SP500 Levels, Refreshed - SPX