Telegram Trading

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Assessment: The bulls are alive, and showing life…but it seems the vicious short covering rally may be over. As soon as we moved above $435 in SPY the selling came in rather strong. The real problem for bulls is the volume the last two days was below the 50 day volume moving average…not a great sign of conviction.

So, the bulls have the ball, but I am not too confident in them. The bulls did attempt gap fill from the gap down on the September 24th candle, but could not complete it. We will see if they make another run at it today.

Good luck in your trades!