SPY - Classic Price-Volume divergence!
Updated
Price moving higher on relatively low volumes where as on -ve days volumes are significantly higher which suggests distribution is going on at higher levels. Looks like smart money is taking exit at higher levels and retail is hoarding. Price action is clearly bullish but I would be cautious here. Looks like recipe for disaster.
Note
Volumes keep shrinking. 17th August 2020 daily volumes are lowest they have been in years.Note
We can observe how easy is it to reverse a move which is not supported by volume. Heavy selloff at the top which is volume supported. Crossing the highs without support of volume may not be possible. My personal short term view is sideways-bearish.
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