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.
Join us today in the trading room for our LIVE broadcast during market hours, as we navigate the current environment. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Want to become a member? Check details here:
Disclaimer: Do your Own Research
Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional investment advisor in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. Trades and or positions listed and taken from the watchlist are my own and should not be considered “advice” to enter any particular position or asset.
We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.
Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.