Shrugging off small stopping volume peaks, advancing up volume, falling VIX, and nicely sloped AD and cumulative tick lines are all suggestive of a nice little trend recovery day. As a recap, yesterday we discussed several technical reasons we may see support between the close and SPY $87, as follows:o Lower Trend Channel Line
o 20-Day Moving Average
o May 1st/ 4th Gap
o February Swing Highs
o First Key Fibonacci Level
o Three Days Down
We'll see how far this reaction can take us. I expect we may see some resistance at the declining five-day moving averages. For the SPY that's near yesterday's open/ today's R1 just north of $90.
Reading:
o MarketSci - Filtered 40-Week MAs
o Quantifiable Edges - Sharp Drops
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