Friday, October 16, 2009

10.16.09 - Heavy Down Volume


Price has found support in the mid-SPY $108 region near the Wednesday lows and just above the five-day moving average.  Market Sentiment is holding in there, but internals are pretty bad, as you might imagine.  In particular, down volume is hugely outpacing up volume, so for now I assume we will continue to struggle to surpass the VWAP and 500-minute moving averages in-turn through the balance of the day.  I'll be keeping a close eye on cumulative tick for any change in that regard.

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