Hey SPY LOVERS ! Happy Labor Day ! (Daily Chart Analysis) There really isn't much to see here. The entire week we were simply in a broad range. The price activated the institutional order block for the first time and made its natural rejection, as we mentioned in the previous analysis, showing liquidity for several days. However, the price regained strength to return to the institutional order block once again.
There are 2 things I can identify on this chart:
1- The price, volume, and strength to return to the order block.
2- On a 4-hour chart, the price is showing a lot of orders positioned to the downside, which makes me think that the price might not have the strength or volume it's looking for to break the institutional order block and surpass the ALL TIME HIGH.
In conclusion, we have to wait for the market to open tomorrow, as today, being "Labor Day," there was no session
I will publish my 4-hour chart and link it with this one so you can see the number of orders positioned around 544.58.
Let's see how it goes when the market opens on Tuesday.
