SPY breaking below down trend on heavy volume shelf
SPY is breaching below a short-term daily downward trend at a significantly investor-interested zone.
The dark gold region represents a highly trafficked zone of interest during the greater part of the first of the year. After a rather short testing period around mid-May, the market drove higher before return to a short-term downtrend.
Now breaking below that trend (orange line), investors are faced with a choice to support the levels of earlier this year, or flee to safety.
The dark gold region represents a highly trafficked zone of interest during the greater part of the first of the year. After a rather short testing period around mid-May, the market drove higher before return to a short-term downtrend.
Now breaking below that trend (orange line), investors are faced with a choice to support the levels of earlier this year, or flee to safety.
Comment:
Upon hitting the peak of the daily volume profile (approx. $411.60), buyer's stormed in to support their early-to-mid 2023 levels. SPY has since recovered half of it's losses.
Comment:
Heading back down into dark orange...