SPY is coiling! Low Volume supports the bullishness!
It is 4th time that SPY gap up and fails to close at the highs. It actually making lower highs. SPY needs to close above $219.60 to make shorts join the rally!
Everytime the NFP came out, market rallied! Just Go Long !
$217.01 is being defended times and times again! Market movers don't want this level to give away, which means market sell off is not coming in next couple of days! "Low volume market maid it possible for tight range controlled move." If we take out $217.01, we may actually see more meaningful correction!
VXX tried several times this year to close above 20MA and failed every time except "1" time. Short target is "$30.20" which is ~20% lower.
Volume just kicked in and it will spell trouble for bulls, market already reversed and today action doesn't look good both in DAILY and WEEKLY chart!
SPY, IWM and SMH have met their upside targets. If we close Below the $214.56 with minimum 100 million in Volume, we will see a major correction, till then stay put!
pseudo IHS is in play! everything these days defy gravity so SMH!
Pattern is signaling a long position. Light volume favor the direction as well!
SPY is consolidating in a triangle formation and chances are it will break out to the upside as VIX and VXX have crumbled.
XIV has a IHS forming and already the pattern has broken out! VXX should tumble while VIX should see $9 mark!
Price action show a bit of downside action toward $217.5. Yet, lack of volume to short the market!
There is a H&S in SPY and it has already broken the neckline. Target is the gap fill!
Volume hasn't picked up yet, so bounce at gap fill has high probability of success!