I'm posting this SPY gap chart again tonight. I'm calling it the Lehman gap, but in fact it occurred about two weeks after the Lehman bankruptcy as the world financial crisis was gathering momentum. Today's spinning top edges into the gap, but closes at $107.16 (base of gap). Technically speaking, this gap is significant and will remain as such until it is filled.Tomorrow is triple witching OPEX, but if we break below today's range, it could be good trading.
Transports appear to be forming a bearish rounded topping pattern.
Couple of stocks I picked off of the Trade Ideas momentum scan as longs earlier this week are now perfect candidates for shorting because they're so overbought. ASH from Tuesday and CMA from yesterday.
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