The S&P500 and SPY ETF rallied into the close yesterday, with a short-term bounce off support. RSI was oversold on the 60 minute and shorter time frames. The daily is still suspect as drifts below 50 and not oversold to date.
SPY 60 Minute Chart
RSI is turning higher with price action, with volume picking up as institutions were seen buying the lows late Monday.
Major resistance starts at 331.00 (+/-) depicted with a red horizontal line and shaded zone at (VBP) “Volume by Price” histogram on the left side of the 60-minute chart.
Implied 1 Day Move: 1.0%, 33.0 (+/-) pts Range: 3230.0 | 3296.0
We’re also watching these stocks on the move that populated the MarketSmith on above-average volume scan. These stocks all saw RVOL above 2.0 and higher during Monday trading.
We will consider trades on these candidates if they follow-through on increasing RVOL that mirrors Monday action.
In other news:
Battery Day: CEO Elon Musk has teased major announcements that could be unveiled the company’s flashy battery summit on Tuesday.
Fed speakers today; Charles Evans 10:00 AM Jerome Powell 10:30 AM.
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