First hour:
Breadth - started out pretty strong in the morning, rermaind so throughout the day
Volume profile coming into the day
The weekly SPY has been showing this divergence for some time now (similar to the "overbought can remain so for a long time" a divergence can see price continue to go contrary to the divergent signal). The daily is clearly showing a cycle environment. While it could be a topping pattern a move out of this INX 1600 ceiling on momentum should result in a measured move higher. So far the SPY is in a double-top with potential for a complex Head & Shoulders pattern. Wednesday is May 1 (sell in May cliche) AND a Fed day FYI
No comments:
Post a Comment