Taking a zoom-in approach to this Friday's SPY auction:
Starting with the 2-min chart with
modified NYSE TICK histogram. Selling the Positive
TICKS today worked spot on.
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Keeping it very simple; continued downside was evident after price closed under the 50% retracement (previous day low to high) and later the 50MA. We closed 1% lower than the previous lows.
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What's ahead? We closed the month with a higher high and, so far, a higher low. To the downside there are conceivably 3 levels of potential support.
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After that, there's a lot of empty (untested) space below. A LOT!
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