S&P 500 weekly update.
Related tickers- SPY,SPX
SPX closed in the red today as anticipated but the volume is relatively low and not as high as I would like.
If you pay attention to the volume on 17th & 18th Nov and the manner of sell-off (mostly at the end of the day) we can see that professional traders got out of their positions. dumping positions on each leg up
A handful of traders (mostly retail) jumped in at the support levels on the 19th pushing the index higher followed by another sell-off today. which may indicate increasing uncertainty. If the volume today was higher than the past 3days it would have given a clear indication for the week ahead.
SPY closed just below the resistance zone with the 10 EMA as support and we may very well see further 2-3% downside. Though I am not certain till I get some confirmation on Monday.
Thank you for reading.
**Just an Opinion
SPX closed in the red today as anticipated but the volume is relatively low and not as high as I would like.
If you pay attention to the volume on 17th & 18th Nov and the manner of sell-off (mostly at the end of the day) we can see that professional traders got out of their positions. dumping positions on each leg up
A handful of traders (mostly retail) jumped in at the support levels on the 19th pushing the index higher followed by another sell-off today. which may indicate increasing uncertainty. If the volume today was higher than the past 3days it would have given a clear indication for the week ahead.
SPY closed just below the resistance zone with the 10 EMA as support and we may very well see further 2-3% downside. Though I am not certain till I get some confirmation on Monday.
Thank you for reading.
**Just an Opinion
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