justatrader

SPY - 181.75 holds key for support

AMEX:SPY   SPDR S&P 500
Follow up to previous analysis, if you read the notes, I mentioned that a volume > 150mn is needed. Instead the next candle broke out on 100.305mn and the candle after that saw a bearish sentiment. Price could now go back to testing 181.75, but volume here will be key. Refer to notes on chart when price was trading near 181.75 for context.

Key points:

- Trendline looks to be strong, so long as volume isn't greater than 250mn.
- 181.75 can be tested. So long as volume is < 208mn, we can start looking upwards again
- EMA/TL should provide the floor in case we see another big sell off today
- 175 looks juicy to buy. Notice how price managed to come back to pick up some more buyers

Goal:

Targeting 196.5. But long positions will be determined based on how price behaves within 181 - 185
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