SPY still under distribution
SPY disposition has not changed even with the failed o/n futs attempt to back test resistance Fri. Since the beginning of the year, I have seen the pace of distribution pick up. I am showing the average trade size of the SPY as a comment after a clean static chart under this post because it reveals professional intent. Until I see significant demand signals at support/resist levels, I will continue to lean to the short side, trim existing positions and not get too enthusiastic on new longs. New position sizes will be less than usual. Multi-national large and mega cap companies are not enjoying the benefits of a rapidly rising US Dollar 
DX ($105 is a significant resistance zone). Small cap, domestic companies are faring better. A comparison of the 
IWM vs the SPY reveals this. I continue to be very concerned with the NYSE margin figures ( advisorperspectives.com/dshort/updates/NYSE-Margin-Debt-and-the-SPX.php ) and to a lesser extent the equity valuations ( advisorperspectives.com/dshort/updates/Market-Valuation-Overview.php & advisorperspectives.com/dshort/updates/Q-Ratio-and-Market-Valuation.php ). I believe technological advances in the advanced economies result in a steeper regression for equities. Much of the baby boomer selling has been absorbed by company buybacks. IMO SPY should at least test down to the 202 level. Let's see if significant buyers show up.
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