Near-Term SPY Volume
Bullish indicators:
The near-term high volume support area of SPY indicates (at the moment) that support is holding.
Near-term Stoch also is close to oversold.
If support holds then a 80% up day (on NYSE) would confirm bullish trend and set-up for a retest of highs. (Go long if this happens for a reduced-risk play. AKA - buy on dip recovery.)
Risks:
A *close* below 183.4 would negate bullish bias. Expect a fall to channel low - maybe 180.
Investors could freak out on Russia - but this is unlikely. From high VIX readings fear is already worked into the market for downside protection.
The near-term high volume support area of SPY indicates (at the moment) that support is holding.
Near-term Stoch also is close to oversold.
If support holds then a 80% up day (on NYSE) would confirm bullish trend and set-up for a retest of highs. (Go long if this happens for a reduced-risk play. AKA - buy on dip recovery.)
Risks:
A *close* below 183.4 would negate bullish bias. Expect a fall to channel low - maybe 180.
Investors could freak out on Russia - but this is unlikely. From high VIX readings fear is already worked into the market for downside protection.
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