Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Thursday, April 14, 2016

Pro SPY Traders Agree with VXX Traders

While the iron grip tractor program has forced all the retail stock market indices (S&P, Nasdaq, Dow) out of their multiyear declining channels the past 3 days, pro traders are largely ignoring this as they go by their own chart, the SPY ETF.

Today's high finally hit the upper channel line on the SPY and should close with an overextended shooting star candle that just kissed the line and pulled back.  This is likely why the iron grip tractor program seems to be losing its grip on the retail indices.  The pros on Wall Street will be fighting to maintain the downtrend line on their chart, the SPY.

Trade well my friends


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