Best Buy (BBY) got hammered yesterday after guiding lower on its store sales during the holiday season.
At these points, it’s always a good idea to do a study on the SPY Chart, and see if we can get some sense of what the next 2 to 4 weeks may look like.
Markets are jittery in the short term, as seen on the SPX Charts of the last 2 weeks. The SPX hit a high of 1687 about 10 days ago, but since then, we’ve seen a close to 5% correction.
Notwithstanding, the markets seemed to be grinding up in the last few days leading up to a big day on Friday to close the week. The SPX was at 1518, and this morning it touched 1525.
But an analysis of the SPY Charts in the last few days tells us there is some distribution happening.