SPY- Intraday Cont
Ill make this quick.
We created bearish divergence over the last days of trading. (light blue)
The last impulse yesterday high a very high volume of about 15 minutes before the market closing, where high volume is normal. This to me could make it a valid high volume topping bar.
Remember our daily Stochastics are primed and have crossed yesterday.
The total retrace so far has brough us up into many of those major resistances previously deiscuessed.
We have retraced to the .50 Fib level on this dead cat bounce.
We are within an ascending wedge currently, which typically break to the downside. Possible Breakout to the Downside level of support: 257
If the institutions havent been able to sufficietly get thier positions switched over yet, then they could try to continue to prop price up, for liquididty. At, some point they will be pulling out when they are sufficiently short, with little up risk.
We created bearish divergence over the last days of trading. (light blue)
The last impulse yesterday high a very high volume of about 15 minutes before the market closing, where high volume is normal. This to me could make it a valid high volume topping bar.
Remember our daily Stochastics are primed and have crossed yesterday.
The total retrace so far has brough us up into many of those major resistances previously deiscuessed.
We have retraced to the .50 Fib level on this dead cat bounce.
We are within an ascending wedge currently, which typically break to the downside. Possible Breakout to the Downside level of support: 257
If the institutions havent been able to sufficietly get thier positions switched over yet, then they could try to continue to prop price up, for liquididty. At, some point they will be pulling out when they are sufficiently short, with little up risk.
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