Not only did $SPY race down to Anchored-VWAP (Decade) today, we also find that the 50% channel retracement level of the entire move to the downside just happened to be intersecting it, today.
Fancy seeing price meet both at the same exact time.
The line in the sand is 374.
- I can see the $SPY opening above 374 and possibly make a move towards 380 before rejecting to the downside as institutions unload their shares above Decade Anchored VWAP (If you sell above average, you did good).
- If it opens below, I can see the action to the downside being quite swift... Possibly getting a pump fake above 374 to find some liquidity and shake out the weak longs.
Fancy seeing price meet both at the same exact time.
The line in the sand is 374.
- I can see the $SPY opening above 374 and possibly make a move towards 380 before rejecting to the downside as institutions unload their shares above Decade Anchored VWAP (If you sell above average, you did good).
- If it opens below, I can see the action to the downside being quite swift... Possibly getting a pump fake above 374 to find some liquidity and shake out the weak longs.