If you lot click the nautical chart of the S&P 500 Index (SPY) above, you'll run into that, since September, forays higher upward the 20-day moving VWAP trouble accept been short-lived. With today's continued rally, we're directly peeking higher upward that level.
A hallmark of a downtrending marketplace is that abrupt short-covering rallies serve every bit opportunities for farther selling past times the bears. It is how large institutional traders reply to marketplace forcefulness that determines whether this is a rally inward a send or the get-go of a bottoming process.
I volition hold out next the Cumulative TICK, novel highs/lows, in addition to sector forcefulness to attain to a greater extent than or less clarity on this issue. To this juncture, rallies higher upward the 20-day VWAP accept been send traps. Will the Nov back upward directly act every bit resistance in addition to hold us inward send mode? Or tin nosotros sustain prices higher upward that level? As long every bit retracements are shallow--like nosotros saw yesterday in addition to this morning--we accept to observe the rally in addition to the clear forcefulness inward the Demand/Supply numbers. I'll hold out updating those numbers tomorrow morning time earlier the opened upward via Twitter.
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