Wyckoff Distribution
My assessment of the current consolidation pattern for the S&P 500. 15 minute chart so just under the limit for publication so this will pan out fast. Buying climax occurring on higher volume and subsequent rallies on lower volume. UTAD is testing demand and looks like there was a wide range price bar with low volume which may be signaling that demand is weakening. If price reaches lower support lines then higher probability price will continue to go down. If price breaks above resistance then likely see another peak rally. Wave count looks a little off and UTAD may just be a wave 3 peak. Will know soon though with the short time frame evaluated.
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