SPY - DEMAND ZONES
Based on volume profile, bottom of pandemic to present.
We want to see the shadow of a candle push thru $369, but the candle's real body should close above it, if we want to remain in bull-mode. A candle body breaking below this point would be bearish, and we would look for support at the next major demand zone. Similar to previous consolidations we've seen over the past 9 months, we're looking for a 'W' formation before proceeding to higher-highs.
We want to see the shadow of a candle push thru $369, but the candle's real body should close above it, if we want to remain in bull-mode. A candle body breaking below this point would be bearish, and we would look for support at the next major demand zone. Similar to previous consolidations we've seen over the past 9 months, we're looking for a 'W' formation before proceeding to higher-highs.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.