SPY: Set to go higher and hit 4200 on the S&P
The SPY put in 3 low volume bars on April 6,7, and 8. These
are the yellow bars that I point out on the chart.
Buyers pushed price above the high of the April 8th low volume
bar and Friday's bar was just a "normal" buy bar. I say normal
because there was no indication it was a low volume day, a
churn bar, or climax volume day.
There is now at least a 60% chance that prices will continue to
trend higher and the next target is 4200 on the S&P. We could experience
a pullback but we are still going higher no doubt in my mind.
I have also pointed out with the yellow arrows what has
happened in the recent past when price passes above these
low volume bars.
There are several more examples I could point out in previous years.
I have also seen this happen over and over again on the S&P intraday
charts not to mention other equities where I have seen this
as well.
are the yellow bars that I point out on the chart.
Buyers pushed price above the high of the April 8th low volume
bar and Friday's bar was just a "normal" buy bar. I say normal
because there was no indication it was a low volume day, a
churn bar, or climax volume day.
There is now at least a 60% chance that prices will continue to
trend higher and the next target is 4200 on the S&P. We could experience
a pullback but we are still going higher no doubt in my mind.
I have also pointed out with the yellow arrows what has
happened in the recent past when price passes above these
low volume bars.
There are several more examples I could point out in previous years.
I have also seen this happen over and over again on the S&P intraday
charts not to mention other equities where I have seen this
as well.
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