SPY breaks key resistance with momentum
After the cpi report SPY went from selling off dramatically in the morning to turning around rallying with strong momentum and volume.
Multiple down beaten stocks from previous sell off trend are now experiencing a massive rally breaking their trend and reversing to the upside.
- CPI report brought a lot of volatility to the market today
- SPY started selling then turned around quickly to break resistance
- We note the increasing volume as the rally continues
- The final period did end with rather undecided candle giving a sense of pause to direction it may go tomorrow
- The strong volume on final period does indicate price exhaustion, we may experience pull back tomorrow.
Multiple down beaten stocks from previous sell off trend are now experiencing a massive rally breaking their trend and reversing to the upside.
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