SPY breaks through its new upward trend on weakening volume Short

AMEX:SPY15

SPDR S&P 500 ETF TRUSTArca

Description

⋅ Jan 31, 2023 4:57 PM

Today SPY has created a new upward trend today but with troubling signs of momentum.

Volume is consistently going down for each period showing little conviction of the rally
Broken below the support line twice.
We should expect this rally to be short lived

Support and Resistance Volume

Comments

Ao65934

⋅ Jan 31, 2023 5:04 PM

Your drawing the support line wrong

ratchet-mint

⋅ Jan 31, 2023 5:09 PM

@Ao65934 When going down to the 5 min time frame, you can see a clear trendline which the line is drawn for. tradingView does not allow ideas using 5min timeframe though.