SPY 12/11 Still Bullish
SPY bounced off of the channel lower trend line and the 20 day MA on the daily.
Looking at the previous 5-10% pullbacks since march, volume has spiked on the first 1-2 days of the sell off. On the chart you can see the past 3 trading days are significantly lower compared to the pullbacks in june, september and november. Low volume pullbacks are indicative of profit taking by longs while still being in an uptrend. This could change next week but as of now I am still bullish, will reevaluate if spy closes below the september high.
Don't usually like to look at news much but vaccines are starting to be authorized for use in the UK,US,Mexico,Canada etc.
Looking at the previous 5-10% pullbacks since march, volume has spiked on the first 1-2 days of the sell off. On the chart you can see the past 3 trading days are significantly lower compared to the pullbacks in june, september and november. Low volume pullbacks are indicative of profit taking by longs while still being in an uptrend. This could change next week but as of now I am still bullish, will reevaluate if spy closes below the september high.
Don't usually like to look at news much but vaccines are starting to be authorized for use in the UK,US,Mexico,Canada etc.
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