Did I say what?!
So it bounced from 30.5 and not 30. Just shoot me.
We are not done yet with SPY. 293 or even 300 at daily SMA200 is the target. VIX "rebound" from 30 is an automatic reaction to hitting 291. Profit taking just prior to hitting the 0.618 Fib on SPY. These people are letting go a few pennies but guaranteeing best price as they know the algos will keep buying till they reach their programmed price point. There must be fear that algos will reverse after reaching their pre-destined price point.
We are not done yet with SPY. 293 or even 300 at daily SMA200 is the target. VIX "rebound" from 30 is an automatic reaction to hitting 291. Profit taking just prior to hitting the 0.618 Fib on SPY. These people are letting go a few pennies but guaranteeing best price as they know the algos will keep buying till they reach their programmed price point. There must be fear that algos will reverse after reaching their pre-destined price point.
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.