The SPY is perched on top of the recent range highs at 315~316, consolidating last week’s gains. Support (gamma OI) is just below at 310 and 3100 for the S&P500. Sectors were mixed, with XLK outperforming again.
SPY Daily Consolidation Mode
Volume tapered off as price action retreated to the top of its range. MACD is turning, while many traders watch the rising 9ema. A close below this key moving average would be a warning signal, as this is also where major gamma support lies.
SPY – SPDR Sectors
S&P500 SPDR Sector performance was mixed. XLB and XLP closed marginally higher, with the remainder taking a break.
With futures flat this morning we’ll wait for the Opening Range to reassess today’s possibilities.
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Happy Trading,
Vinny
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