Jeff Cooper on SPY 195, Trading Tells, and the US Dollar
Minyanville's technical maven tells you what you need to watch in today's action.
Between the Ticks
Pre-market action in the SPY shows a backtest of the 195 strike which ties to yesterday's breakdown pivot (explosion bar). These acceleration points often define at least first resistance on the first time up; however, recapturing 195 COULD lead to a larger rebound.
Strongly trending names US Silica Holdings (SLCA) and Cheniere Energy (LNG) are getting crushed this morning.
Will they make first hour trading lows?
Names like this that have rewarded players for buying the dip may be important tells for today's action.
Yesterday, we showed this monthly dollar chart.
Momentum suggests there is no real resistance until 88/89, which is 90 degrees up from the 79 low.
When is the last time the dollar exploded and oil (down 9% in a month) plunged?
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