SPY Update (daily Chart) Looking at next week....
Today we finished out with a Gravestone Doji on high selling volume. If you would call that long up wick a gap fill, so be it. Today closed out at a lower low from prior day which was also considerable selling volume.
I am looking at some selling next week, most likely into the POC (left arrow) and volume profile apex (right arrow) at around 435, which is also right at the 21 day EMA. Alternately, we could bottom out around 437, which is in the area of two prior dojis. Should we hit a low area, I will put in another assessment.
The positive on today, the RSP (SPX equal weighted) turned in a positive, although it has been a real tug of war between RSP and SPY for a while. Market Breadth is still lacking.
I am looking at some selling next week, most likely into the POC (left arrow) and volume profile apex (right arrow) at around 435, which is also right at the 21 day EMA. Alternately, we could bottom out around 437, which is in the area of two prior dojis. Should we hit a low area, I will put in another assessment.
The positive on today, the RSP (SPX equal weighted) turned in a positive, although it has been a real tug of war between RSP and SPY for a while. Market Breadth is still lacking.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.