It is too bad I do not have much time because these are interesting times. The daily SPY shortened its thrust closing slightly higher in a narrow range with one of the lowest volumes of the year. Demand is drying up and a fall with volume into the preceding trading range kills this market.The hourly shows an upthrust to 95.37 on very high volume which also constitutes a reversal bar. The subsequent rally which is a test is on low volume and the final hour sells off on moderate volume. You can also see that the close is approximately in the middle of a wedge which forms a hinge. Something is going to happen. Volume will come in one way or the other.
Finally on the 5 min I have labelled with letters the selling drives over the past 2 days. I just want to add to what was previously written that there is a potential change of trend in the last hour. If you look closely you can see that we made a lower low, a lower high and then broke down in the last two bars of the day. This set-up has caused many gap openings in the past few months.
