The S&P 500 took a little bit of technical damage today which can be expected after four down days. However, as long as the 1130 level on the S&P 500 holds, this market is still in an uptrend.
If we look at SPY, so we can get volume, you'll notice that the volume has been falling off into the downward move over the last 3 days. This is good news for the bulls. It's very different to the downward moves we've had at 113 resistance where sell side volume picked up into the downward move.
As a review, when a market is heading down, if you see volume begin to drop off on the sell side, it suggests sellers are drying up and that the market is ready to reverse and head higher. Conversely, when a market is heading up, if you see volume begin to drop off on the buy side, it suggests buyers are drying up and that the market is ready to reverse and head lower.
Volume is the most important and accurate indicator in technical analysis.
In the video below, I look at the S&P 500 and SPY and show you the exact level you need to keep your eyes on. I also show you how the volume has been dropping off on the sell side as we approach the 113 support level on SPY.
The S&P 500 took a little bit of technical damage today which can be expected after four down days. However, as long as the 1130 level on the S&P 500 holds, this market is still in an uptrend.
If we look at SPY, so we can get volume, you'll notice that the volume has been falling off into the downward move over the last 3 days. This is good news for the bulls. It's very different to the downward moves we've had at 113 resistance where sell side volume picked up into the downward move.
As a review, when a market is heading down, if you see volume begin to drop off on the sell side, it suggests sellers are drying up and that the market is ready to reverse and head higher. Conversely, when a market is heading up, if you see volume begin to drop off on the buy side, it suggests buyers are drying up and that the market is ready to reverse and head lower.
Volume is the most important and accurate indicator in technical analysis.
In the video below, I look at the S&P 500 and SPY and show you the exact level you need to keep your eyes on. I also show you how the volume has been dropping off on the sell side as we approach the 113 support level on SPY.
Sign up for FREE daily email reports on the S&P 500 to know what trend its currently in (current rating is uptrend) by clicking hereSign up for FREE daily email reports on the S&P 500 to know what trend its currently in (current rating is uptrend) by clicking here
The S&P 500 took a little bit of technical damage today which can be expected after four down days. However, as long as the 1130 level on the S&P 500 holds, this market is still in an uptrend.
If we look at SPY, so we can get volume, you'll notice that the volume has been falling off into the downward move over the last 3 days. This is good news for the bulls. It's very different to the downward moves we've had at 113 resistance where sell side volume picked up into the downward move.
As a review, when a market is heading down, if you see volume begin to drop off on the sell side, it suggests sellers are drying up and that the market is ready to reverse and head higher. Conversely, when a market is heading up, if you see volume begin to drop off on the buy side, it suggests buyers are drying up and that the market is ready to reverse and head lower.
Volume is the most important and accurate indicator in technical analysis.
In the video below, I look at the S&P 500 and SPY and show you the exact level you need to keep your eyes on. I also show you how the volume has been dropping off on the sell side as we approach the 113 support level on SPY.
Sign up for FREE daily email reports on the S&P 500 to know what trend its currently in (current rating is uptrend) by clicking hereSign up for FREE daily email reports on the S&P 500 to know what trend its currently in (current rating is uptrend) by clicking here
Stocks Above I Currently Hold In My Own Trading Account: Long Oil (DBO), Avnet (AVT)
Guerilla Trader Quote
“All Warfare is about Deception. Hence, when able to attack, we must seem unable; when using our forces; we must seem inactive; when we are near, we must make the enemy believe we are far away; when far away, we must make him believe we are near.... If your opponent is choleric temper, seek to IRRITATE him. Pretend to be Weak, That he may grow ARROGANT.” by Sun Tzu
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