The S&P500 and SPY ETF caught a bid yesterday, as institutions bought the lows for a second day. Futures are drifting lower (3308 +/-) from the overnight session highs (3320 +/-). In the interim, breadth indicators improved modestly, while the gamma index suggests a larger move than Tuesday’s (1%).
Implied 1 Day Move: 1.95% 64.0 pts Range: 3241.0 | 3369.0
SPY 60 Minute
SPY reflects a 1% gain, closing just below major VBP resistance that we talked about in the Tuesday Blog Post. That said NYSE up/down volume was modest at 1.09 to 1.0 at the closing bell. Nasdaq was a bit better 1.73 to 1.0.
A break above 334 (+/-) could start a series of higher highs and a reversal from the current descending pattern.
High Relative Volume (RVOL)
The top 10 stocks that saw significant increases in relative volume are posted below for your review and consideration.
Look for follow-through and confirmation in the coming days. KBH reported earnings after hours.
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Happy Trading,
Vinny
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*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
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