SPY recent day of trading gave an overall picture that this flat trading is coming to close with a potential rally coming.
SPY is showing a strong bullish signal indicating a longer term rally to come
- Gapped up for second time in the 2 days
- Sold off slowly with low volume
- The rally in late day spurred by smart money with increasing volume
- Stock breaks through upper resistance for first time
SPY is showing a strong bullish signal indicating a longer term rally to come
Note
The anticipated small pullback turned out to be much larger than expected. SPY still remains within flat trading range, but RSI is showing more signs of falling off and staying below its SMA
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Related publications
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.