So looking at the day on the SPX, it barely held the 15 sma on a daily chart and failed at the 5 sma. That does not give me any conviction to go long. Another test and fail at 5 sma and longs have real problems IMO.
More importantly, I just noticed that the week is shaping up to be an inside week. Now anyone who was following my posts from last Friday and over the weekend, we all saw how the inside day Friday on the long ETFs (i.e. FAS, TNA, BGU) were followed by sharp declines Monday, Tuesday and Wednesday.
So having seen what an inside day can produce, imagine what an inside week will produce. For those not familiar with inside days, here is a link to what they are and their significance:
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