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Assessment: The SPY $450 level was going to see some resistance. The freight train has been chugging along without any speed bumps so far. The $450 level has been good resistance so far and it has held. We are once again below average on volume. It’s been the theme of this recent rally…low volume which makes it tough to get good conviction on the move. Volume will likely only get lighter as we head to the holiday week and then especially next week’s action as most traders will be out of the office for the whole week. So, we could see a low volume grind higher as is often the case around the holidays.
Good luck in your trades!