SPY daily - next major Volume Distribution Support at 165-170
Long Signal idea - volume and price analysis gap overhead warning:
Using trading view VPVR premium tool (this shows the volume buy/sell on left of the period displayed on the chart), clearly the next major support zone is around 169.05 (white dotted line) and below that 165.53.
THe market is already going below previous high levels around 181.75 and the next support is around the 178-9 level where it broke out to upside AND where there is a little but clear volume bump on the left which I neglected to also mark with white dotted line, so that is the first probable stopping point (today?), and then the actual swing low price of 177.32, but because that swing was itself a correction to previous high in early November, chances are that if this correction gets going past 177 level that it will go all the way down to 169 - 165.
The only caveat there is the 173.60 high which the market never corrected back down to in early November. That marks the beginning of the volume bulge to left of chart just above the 169 level.
Therefore, if 177 low doesn't hold, this comment is calling for a correction in Daily timeframe to around 170 - 165.
We'll see how she goes.....
Using trading view VPVR premium tool (this shows the volume buy/sell on left of the period displayed on the chart), clearly the next major support zone is around 169.05 (white dotted line) and below that 165.53.
THe market is already going below previous high levels around 181.75 and the next support is around the 178-9 level where it broke out to upside AND where there is a little but clear volume bump on the left which I neglected to also mark with white dotted line, so that is the first probable stopping point (today?), and then the actual swing low price of 177.32, but because that swing was itself a correction to previous high in early November, chances are that if this correction gets going past 177 level that it will go all the way down to 169 - 165.
The only caveat there is the 173.60 high which the market never corrected back down to in early November. That marks the beginning of the volume bulge to left of chart just above the 169 level.
Therefore, if 177 low doesn't hold, this comment is calling for a correction in Daily timeframe to around 170 - 165.
We'll see how she goes.....