SPY indicating more selling to come
SPY Today pulled back much further than anticipated after the volume price exhaustion on Friday close. We have now broken below key support and into bearish territory
Originally thought we were experiencing pullback in time from SPY with it trading flat. It appears now that it was a longer term distribution phase before selling occurs.
- A pullback was expected today due to volume spike on friday close during a rally
- Sell off proved to be more severe and broke below key support
- Final trading period gave strong hammer candle with high volume
- Hammer candle indicates reversal from downward trend
- Due to firm break out I expect a bounce up to new resistance line followed by more selling off.
Originally thought we were experiencing pullback in time from SPY with it trading flat. It appears now that it was a longer term distribution phase before selling occurs.
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