After bleeding for couple weeks SPY found support in the low 320s. All the red days has made it oversold on the daily and with the rally eod friday we made a nice pop above vwap. Wouldnt be surprised if we had a lil bounce monday. Maybe touch the 20ma on the hourly around 329ish. However, the volatility indexes have been climbing and riding MAs the past few weeks with UVXY looking healthy above vwap as well. Weekly macd looks ugly af too for SPY. Thankfully futures and premarket have been good trend setters for the days lately, so only a few more hours till we get a glimpse of whats to come.
Comment:
Perfect bounce as predicted