Hello Friends. SPY is not bearish and there are no technical reasons to open a short position imho, unless you feel like it. We're obviously approaching a zone of potential resistance. My overall perception is that we're going to enter some kind of consolidation phase and eventually retest the closest support zone. Happy Easter my fellow rabbits.
Looking at Volume is my next favorite activity after celebrating New Year's and Christmases (plural due to multiple calendars). It's not the size of volume that disturbs my imagination but the place where it changes direction. Since the beginning of December the flow has been pretty consistent. I'll let my friends decide what it means. I see no technical reasons to short.
As it always happens after a strong breakout the market is searching for a new value/ state of equilibrium. There are some signs that the axis of balance could be around 57 for now. If the breakout move continues then we need to go to higher time frames in our search for truth.