Significant Reject

Today seemed like the market would take yet another big trend upwards considering their was good vaccine news in the morning regarding Pfizer ($PFE). They went up 4% today on news that the FDA granted their vaccine “fast track status.” perhaps an even more important note is what happened with the $SPY today. With 2 hours left in the trading day Spy reached the $322 price point, then began to fall rapidly ending at $315. If you remember about a month ago on 6/11 markets saw one of the worst drops ever. SPY fell 17 points and the DOW fell 1700 points! The point is SPY rejected the $322 price point twice now, clearly struggling to break it. If it were to break the barrier and go higher it probably wont happen tomorrow, or even the day after. Be cautious trading as the market has shown weakness at this level.

Leave a Reply

%d bloggers like this: