Expect SPY Move Down via Volume Profile
SPY:
Using the VP for the range of the recent upmove on a 30 min chart, the Developing POC (point of control, i.e. price where most volume has occured) is at 236.50 (ish). The market has sold below my Collective Moving Average with bands, and although it made one probe, has not yet filled a gap from the 27th high, made on the morning after the big Trump speech.
No guarantees of course, but the current situation indicates that it is quite likely that
a) the market will sell off further and
b) that POC level is a very likely target, or just slightly above.
Note also that this price is well above the middle of the 70% value area (indicated by thin dark green lines).
Note further that there is nothing move above the current POC that is challenging it, therefore it might well act as a magnet.
Using the VP for the range of the recent upmove on a 30 min chart, the Developing POC (point of control, i.e. price where most volume has occured) is at 236.50 (ish). The market has sold below my Collective Moving Average with bands, and although it made one probe, has not yet filled a gap from the 27th high, made on the morning after the big Trump speech.
No guarantees of course, but the current situation indicates that it is quite likely that
a) the market will sell off further and
b) that POC level is a very likely target, or just slightly above.
Note also that this price is well above the middle of the 70% value area (indicated by thin dark green lines).
Note further that there is nothing move above the current POC that is challenging it, therefore it might well act as a magnet.
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