The 5/6 flash crash low was tested twice on lighter volume. These were bullish setups that anticipated the recent bounce. Unfortunately, the bounce had just enough energy to clear only the immediate resistance gap zones. Previous resistance, similar to February 2010, will now be tested as support. The energy of the test will create either a bullish setup or a bearish continuation.
Consistent with previous comments, weakness into the approaching minor cycle date would favor a move in the opposite direction. This move would likely test the 5/14 and/or 5/4 resistance zones into the major cycle date.
U.S Stocks, S&P 500 ETF (SPY):
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