Please look at the daily chart of the SPY below. Click to enlarge.
Today had a small range with less though still substantial volume and a close in the middle. We are in spring position, but will we spring? To answer this question please look at the last hour on the intra day chart above.
Please look at the intraday- 5 min chart -above. Notice the attempt to rally at 2:55 on the largest range bar of the day(excluding errors). For the next hour the SPY stays within a .5 point range on high volume as the rally attempt is quashed. Supply is overcoming demand. Thus far the market's action indicates that the spring will fail.
Please look at the intraday- 5 min chart -above. Notice the attempt to rally at 2:55 on the largest range bar of the day(excluding errors). For the next hour the SPY stays within a .5 point range on high volume as the rally attempt is quashed. Supply is overcoming demand. Thus far the market's action indicates that the spring will fail.
