It's a very delicate situation as we creep down to multi-year lows. We see, and should expect, short-covering rally's right around key support (new lows, previous day's low,
pivot points, etc.), with continued selling at key resistance. The Dow is just points away from the lows made in November, while the other indexes seem to be taking a wait and see posture regarding whether they will accelerate to the downside.
SPY orientation is bearish; price closed on the lows, with realistic support being back down to November's low of the $75 range.
Today's gap up was met with selling consolidation on vwap over the course of the first 45-minutes, afterwards it was all down with opportunities to short returns to
vwap.
Here's a 10-point range bar ($0.10) of the SPY with the yellow dots indicating volume breakouts.
and a 20-point range
SPY orientation is bearish; price closed on the lows, with realistic support being back down to November's low of the $75 range.
Today's gap up was met with selling consolidation on vwap over the course of the first 45-minutes, afterwards it was all down with opportunities to short returns to vwap.
Here's a 10-point range bar ($0.10) of the SPY with the yellow dots indicating volume breakouts.
and a 20-point range
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