Outside Distibution day follows Narrow Range daySPY closed -0.6% lower on quadruple-witching expiration this Friday.
SPY was up 1.3% on the open on the back of ES futures that gained strength in overnight session from European stimulus and China's trade news.
After a mild liquidation break in the morning selling started in earnest on the news of AAPL closing stores in two states due to Covid-19 spike.
At one time SPY was down -1.0% before dribbling to a weak close.
In the past 8 day's, 6 red candles and 2 green candles, suggesting low vol futures ramp up in overnight session followed by bearish action in regular trading hours (RTH).
But still SPY 300 support zone holds and SPY remains in no man's land.
While indicator divergence gathers steam.
VIX perked up. If VIX again trades above 40 expecting stronger bearish action on the tape.
SPY levels
R3 322.23 R2 317.70 R1 313.17
DP 309.85
S1 305.32 S2 302.00 S3 297.47
