As per attached chart the SPY has found resistance 4 different times since I warned to watch the 50% to 75% retracement area into the box as resistance. If the SPY gathers itself and goes back there again, it’s likely it’s going through. The most bearish thing about the slide in technology stocks is the timing right before the release of quarterly earnings reports that were widely expected to be the best overall in over 2 years.

Let me shar my "Eureka Moment" as a trader: The single most important lesson I learned... and why this catapulted me to success as a trader. (I've never revealed this anywhere before.) click here:

That leaves few shorts and probably a lot of complacent longs, and by now some nervous longs. The latter is the single most bearish aspect in the look forward. The most bullish aspect is the other averages and other stock sectors are taking the rotation. Which leads me to the biggest takeaway that I have been saying for months —- that it is a market of stocks and not a stock market. Basically meaning that some sectors can rise, other sectors can fall, and pay less attention to the market averages. The latter is a hard lesson to learn, because it’s unlike most of the last several decades. 

I remain Short PYPL 61.00. Long TLT double position 92.80. Long CSCO 47.80. Long CVNA 127.00. 

Thanks,

Joe