What a day. After weeks of weak volume at the highs (no matter what the direction change in value), volume expanded as the S&P 500 broke the support of June 11/12 and early May. All sectors declined in value on price basis in yesterday's trading with the best performers being energy and materials.
The break of support on volume (volume off the high) is a big deal. This move puts the the next swing point between 1,560 to 1,580 (156 to 158) on the S&P 500 (SPY) into play. These price range corresponds to a decline of between 5% and 7% from yesterday's closing price.
It probably is a waste of words to describe the weakness exhibited in the price/volume hear map, presented below.
The break of support on volume (volume off the high) is a big deal. This move puts the the next swing point between 1,560 to 1,580 (156 to 158) on the S&P 500 (SPY) into play. These price range corresponds to a decline of between 5% and 7% from yesterday's closing price.
It probably is a waste of words to describe the weakness exhibited in the price/volume hear map, presented below.
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