StockMarketMonk
Long

SPY New High Trend Channel Targets

BATS:SPY   SPDR S&P 500 ETF
144 2 1
The chart above follows the SPY             since the May 22 top through a 22 bar decline to the June 24 bottom. Since June 24 the SPY             rose for 16 of 21 bars and recovered the entire decline, trading 2.4 billion shares, before taking a five day rest on 526 million shares (the last week). *The volume calculations estimates (based on adjusting the volume moving average to the length of the wave in question and multiplying by the length of the wave.)*
Today was a strong bar with the entire body above resistance and volume right on the five day average. Above 170, the indication is upward and onto new highs. And being August it might do so on light volume .
The blue trend line is the base and the red and gray are clones placed on the top July 15 and 24 tops. The clones may be resistance zones as we rise to record highs. It will be interesting to see how prices react at the red and gray trend lines over the next 1-3 months.
By totaling the volume traded in each wave, we can see the "effort" involved in the formation of the wave. The ABC decline from the May 22 top on the daily chart lasted 22 bars and traded roughly 3.9B shares. The weekly chart shows that this decline was the lighter on volume and shorter in duration than the two preceding declines in 2012. AKA, diminishing volume on the declines, a bullish sign.
snapshot
Reply
The consolidation under 170 since June 25 has likely already discounted the weak non-farm payrolls number. Continued strength is dependent upon support around 169 holding.
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out