SPY
Volume Price Analysis
Looking at SNP rallying with low volume after that crash in Feb period.
Before the crash we can reference the same thing too, market breaking all time high all on lowest volume. Meaning to say that the rally is not a genuine market rally, as demand (Buyer) is getting lesser with very tick up.
This will mean that the rallying buying demand might be tapering out.
For the bully to be breaking new high we have to see either:
1) A consolidation of base
2) Strong new buy volume upon 3000 level to break
3) Or Stimulus package of Fed making a meaningful Volume uptick
If not a potential short entry comes into play. Another thing to note is that Fundamentals of economy isn't that sound right now
with
1) -ve GDP revision
2) All time high unemployment rate.
Thus I would view this as a later stage of Market Euphoria moment.
Unless Price and Volume can prove other wise.