SPY closed near the high of the days regaining greater than 50% of Friday's bullish close. Still no presence of sellers. $203 gap and price target coincides with 161.8% Fibonacci retracement. Looking for "climatic" volume before considerating a short entry.
The big blue arrow is pointing at a key price level which happens to intersect with the intra-bearish turquoise dashed line and the intra-bullish green dashed line. The intra-bearish turquoise dashed line is the longer-term trend over the shorter-term bullish trend as shown by the green dashed line. There is a horizontal ray at this key Fibonacci level (where the...
December 2016 low (Roughly 1,650 S&P)
Oct 2018 (Next ATH peak) 2,300 S&P
Take 09 crash low (March 2009) to May 2015 high. 1.272 sq root of 1.618 gives us the low
Dot com low (blue) to current May 2015 high. 1.272
2016 peaks next month (April 2016) 1.786 Dot com high (orange) to 09 low
Bollinger Bands weekly
The S&P 500 is locked in a 100 point trading range (2040-2140) since March because of a serious split in sector performance. At less than 5% this is the narrowest range in several years. Note that Bollinger Bandwidth on the weekly chart reached a 20+ year low in July. This means the Bollinger Bands are at their narrowest in over 20 years....