Here is the latest trading and free market analysis video on the SP500 (SPX) and SPY ETF
Today SPY gapped up at the open to 88.55 and traded higher to 89.02, and then the bears stepped in pulling the market back down to 86.92 a low for the day. There the SPY found some support at around 87.00, and traded up to a close at 87.43 + 0.04 on the day.
Summery: This is a day traders market still. SPX/SPY are still trading higher it looks like it is still putting in higher highs and higher lows on the 30 minute chart for now. As long as this bullish pattern continues we can continue to buy the dips and sell the rips. However be careful the markets are looking toppy here. For long term traders you may buy the SPY and also buy a protective PUT for insurance to the down side, or limit your risk by buying a bull call spread instead.
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