With all the uncertainty going on in markets over the last few weeks, it’s important that we watch this critical dark pool level on SPY.

The important level to watch on SPY is $288. At $288.04 we had about 20 million shares at the level a week ago. On August 15, 2019, we had a total volume of dark pool trades at $284.67 of 7.25 million shares. On August 16, 2019, we had 10.1 million shares traded over the dark pool at $288.81, $288.82, and $288.85 levels.

Something is going on with institutions at the $288 level on SPY. As we go into trading next week, keep your eyes on the $288 level on SPY. A close on Monday above that level would be bullish, a close below that level would be bearish.

$288 is a significant level to institutional traders

Notice that at $288, it is the lower rim of two gap down opens in August 2019 which confirms this is an important level for institutional traders.

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