Thursday, August 15, 2013

The Support Is Gone On the S&P 500, Next Stop $1,556

Just looking at the chart of the SPY (S&P 500 Spider ETF) and noticed that the market has broken an apparent support level at the $167 level. The price point was initially tested a few time back in may, but retested and broken in July 11th and 12th trading, mind you on volume turnover between 104 and 135 million shares. See the chart below.

Today's trading is on track to post between 175 million to 200 million shares (as of this writing, told you it would change) exchanging hands. The broken support on volume suggests that the S&P 500 will move to the next volume support, which lies in or around the $155 to $157 price range.

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