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Today the bulls worked on a much needed relief rally. Even the bears can’t expect markets to go straight down. The drop yesterday flushed a lot out and began to flip the short term technicals. So, it would do bears good to see some consolidation at these levels.
SPY tested all the way back to $530…but was smacked back down and closed $522…a good sign for bears. Volume was above average today, but likely because the push to $530 caused some bears to cover. The next couple day’s action will be helpful, but the Path Predictor Momentum table remains SHORT with momentum pointing DOWN.
Chart: https://sblk.io/s/alxYUXI4f2F54fXO
Meaningful support is at $520 and then around $500 as the 200 day simple moving average (SMA) is at that level. Resistance exists clearly at SPY $530.
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Good luck in your trades!