An Epic Battle: This Level Seeing Major Institutional Selling

Last Wednesday, October 31st, 2013 the Federal Reserve released their FOMC policy statement. The market that morning hit a high on the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) of $177.51, before reversing dramatically.

This high of $177.51 in the market has been hit each of the last two days. Each time it has hit this level, major selling pressure has come in as institutions hammer the markets down. This is classic distribution and a warning sign to all average investors who are looking to buy the market in this range. Please note the chart below.

When all is said and done this tells investors that unless the market can close above that pivot high of $177.51, downside should be favored. Ultimately, if the institutions are dumping, be wary.

Gareth Soloway
InTheMoneyStocks