SPY bounced off of the channel lower trend line and the 20 day MA on the daily.
Looking at the previous 5-10% pullbacks since march, volume has spiked on the first 1-2 days of the sell off. On the chart you can see the past 3 trading days are significantly lower compared to the pullbacks in june, september and november. Low volume pullbacks are indicative of profit taking by longs while still being in an uptrend. This could change next week but as of now I am still bullish, will reevaluate if spy closes below the september high.
Don't usually like to look at news much but vaccines are starting to be authorized for use in the UK,US,Mexico,Canada etc.
By they way, Is that Ozil, you have on your Profile. Great player i wish he did not leave Real Madrid.
wish you all the best.
Graypex
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@samitrading haha yes it is my favorite player to watch!
samitrading
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@GarpTrades, cheers to Ozil and you.
shkspr
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I suggest you check the divergence points you have identified. It's obvious bearish divergence
Graypex
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@shkspr, I agree there is bearish divergence, ill turn bearish when we break important levels as of now we are only down 2% on low volume selling
Graypex
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@shkspr I suggest you don't comment on peoples posts acting like you know exactly whats going to happen
shkspr
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@GarpTrades, no one knows exactly what will happen and I don't think anyone in this site make decisions based on someone else opinion, it's a probability game, on this market fundamentals and technical doesn't work anymore, but market sentiment is bearish now, specially this week and next week. good luck my friend :)
Graypex
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@shkspr, Just because SPY doesn't drop the second there is bearish divergence doesn't mean technicals don't work
shkspr
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@GarpTrades, I didn't expect it for today, I had many calls, lol. but It should happens soon, ,after stimulus announcement any bad news has potential to drop market, when we have more lockdowns and more death.
Graypex
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@shkspr u literally have a post on your profile that says short spy 12/14-12/18 lolol
By they way, Is that Ozil, you have on your Profile. Great player i wish he did not leave Real Madrid.
wish you all the best.