More chop, more ambiguity

SPY is an enigma and trying to disambiguate this mess is a chore.  

Yesterday we looked at a bear flag, now I'm seeing a bigger bull flag.

This pennant will need to play out and the confounding issue is the 200d MA making it's appearance.  Will it be welcomed, or will it be ginormous resistance?

Today we showed that there is renewed belief in negatives as the market sold off after a bad long-bond auction.  Point DD on the Mamis chart, so aversion may be close which speaks against the bull flag scenario.

While this plays out, I've increased my cash position and will day trade it for a bit to mitigate risk.