Wednesday, April 22, 2009

04.22.09 - Trying to Fill Weekly Gap

The market quickly found support at the open near its pivot and then proceeded to rocket towards R1 on the SPY ($85.90). After several resilient hours just over Monday's opening gap down, that price level was summarily rejected and we are now sitting near the VWAP on Cumulative Tick and Advance Decline lines that appear to have rolled over even as the VIX reverts higher. We are seeing some prospective supportive volume just now; however, that big change in tick character has me thinking that the nature of the afternoon trade may be quite different than this morning's.

Note: Wow! I'd say that played out to a T! Wish I could say I was expecting quite that much drama though!

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