Very low volume today, if there's any day to sit out, it'd be today. This $415 level has been flagged by the chart, and it's not surprise to see choppy trading with a lack of direction at current levels. There are many waiting to short this rally and hence we also are seeing traders emphasize on this bear market rally to stop out early shorts. This move could extend to $420 (and possibly $430). Failure to break this $415 level, and could be trending on our way to $380 ( Fibonacci retracement support). Keep in mind, folks might be waiting for CPI numbers at the end of this week, which is when we might see an increase in volume that'll push us further. My investment strategy to scale on SPY shorts/puts is not something that I expect to realize soon but later within the coming month(s).
Decreasing volume and decreasing volatility across a range is characteristic of accumulation. Goal here is likely to breakout of this downtrend and end the corrective phase before the next bullish cycle. Could see a sharp fake down, but where its heading is more important. Probability of 440s > probability of sub 400s, new all time high very possible by October. It isn't obvious by the trading action but that's what I am seeing. Look at the DMI on the 4 hour time frame, that is brewing very very bullish.