Market Will Test the Downside Early - Minor Support At SPY $225 Was Breached

One Option Trading Blog http://ift.tt/2ibqLCy Posted 9:30 AM ET - Yesterday we saw steady profit-taking and the market closed below a minor horizontal support at SPY $225. Tech stocks were particularly weak and we could see more selling today. In my comments Wednesday I told you the market was vulnerable to profit taking. Buyers will be cautious with stocks near their all-time high. Trading volumes are extremely light and portfolio managers are "window dressing" for year-end. Gold started to move off of a base and precious metals could gain traction. This is a very low probability environment for day trading. Bid/ask spreads are a mile wide …