CaperAsh

SPY 5 min update using volume

AMEX:SPY   SPDR S&P 500 ETF
47 0 0
Market has rallied from obvious LT             volume support around 177 (in Daily post) and now at yesterday low = Resistance, just above which is yesterday POC             around 179.20, which is above Ichi Cloud, and then there is the 180.19 I still think market will probably retrace to on way to 182.62 above where there was a gap several days ago (begininng of current down swing).

Probably today is over and price will stay around VWAP , but we shall see. In any case, current upleg is a deep intraday correction. I didn't draw Fibs but looks like more than .618% to me. Usually when that happens any resumption of trend (it is still a down day, barely, is not all that convincing. The key right now at 14:30 is to see if a down move convincingly busts through VWAP support and makes a spirited attempt to test the Day Low around 177 which, for now is key support. Given it's relative importance on longer-term timeframes, this is quite possible either today or tomorrow.

IF it holds, look out above. If it doesn't, next stop 170.
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