SPY A rip on decreasing volume . A breakout on minimal volume , followed by a ride down the trendline . Overbought on every indicator. Stopping just below a top from a previous bounce.
Everything is calling for a false breakout.
However, I'm keeping my options open. A firm breakout of the yellow line indicates a ride up to 296. Otherwise, this bounce is over. Expect an open red or a short rise followed by a devastating retrace.
I think CM William Vix Fix indicates that currently bearish momentum is nonexistent. "Declining volume" doesn't really quite fit the criteria because the indicator is used to find the market bottoms. Given that vix fix is currently flat lined, it's hard to tell when the market will bottom. You might wanna just do MA against volumes to see if it actually declines or not.