CaperAsh
Long

SPY Daily: Possible volume support soon 179.29

AMEX:SPY   SPDR S&P 500 ETF
275 1 1
I just drew a white dotted line at minor volume histogram support around 179.29.
This is also the prior breakout point from late December (large yellow bar breaking above two previous bar highs making for classic swing pattern low, but also that is probably when most of the volume happened.

So a correction back to that level would be entirely natural.
Immediately below is the old swing low which earlier was previous high levels around 177.32, so the is a probable zone (179 - 176) which will at least give market pause on way down, if not actual hold before bounce back up to fill that gap.

If it holds, we go back up to fill the gap from 2 days ago. If it doesn't, look to lower white dotted volume cluster support.
CaperAsh PRO
3 years ago
Since posting this, the market has been in range between the 179 and 177 price zones and as of Friday 31 first half hour, they are still in play. The longer they contain the market, the stronger the breakout will be once it occurs.
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