SPDR S&P 500 ETF TRUST

Possible support re-test

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If (big if) we bounce tomorrow, then it could be a bounce off of support. If we don't bounce tomorrow, then I don't think we have a choice but to re-evaluate the thesis. Could be a fake-out to the downside and/or a reaction to the latest rally. Volume yesterday was quite low and the candle made a neutral doji. Volume today supported the sell-side and was closer to average. Looking to see what volume and price do tomorrow. Volume would be expected to be even higher tomorrow if the selloff continues. A rebound could also happen on large volume if buyers think we're oversold. Low volume I think would support further downside as that means this lower price didn't bring in new buyers.

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