POSITION: 9 LONGS, 7 SHORTS @Hedgeye
I didn’t play the 1st correction as well as I would have liked, but I’m happy with how we faded the bounce. Now I need to make decisions on not only buying this dip, but selling this rip (in Gold, Treasuries, etc.). There’s plenty to do out there today,
Across our core risk management durations in the SP500, here are the lines that matter to me most:
- Immediate-term TRADE resistance = 1670
- Immediate-term TRADE support = 1637
- Intermediate-term TREND support = 1631
In other words, its game time. The US stock market either holds here or it does not. Same thing with both Gold and Treasuries – they either fade at lower-highs (again), or they do not.
Have some patience – this isn’t the all-or-none market people want it to be. It’s a range bound bullish TREND in SPY with immediate-term TRADE resistance, for now. Growth stocks still look great.