Monday, June 8, 2009

06.08.09 - Monday Blues

After gaping lower, the market seemed to find some support in the early hours near SPY S1 ($93.40); however, the VIX scaled a cliff about an hour ago and price has struggled more seriously ever since. Negative Cumulative Tick and building Down Volume suggest that the down draft isn't over yet. That said, there is a potential supportive volume spike forming just now, see how price behaves at the VWAP if it can pull off a small bounce to that level (say $93.50).

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