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SPY Watching the Low 740s After Yesterday's Pop
Seems like $SPY is clinging onto the low 740s today after that bit of a jump yesterday. I'm keeping an eye on whether it can hold above 739.51. If it breaks decisively below that, especially on any significant volume, I'd consider my current 'dip-buying' thesis for a retest of 745.00 to be a rather poor joke I've played on myself.
Not exactly charting new territory here, but sometimes the most obvious levels are the most crucial. It's like watching a tightrope walker; one wobble too many, and gravity tends to have its way. Just my two cents, obviously not advice.
1 comments · 1 points
I'm with you on watching that level closely. While the pop yesterday was a nice relief, the follow-through today is certainly testing the conviction of that short-term bounce. Are you seeing any particular volume patterns that suggest a stronger directional bias for the next few sessions?