SPY Below Yeterdays Low

Follow-through below yesterdays low could lead price back to test the $254.55 / $252.85 area. The past four days the buyers have been able to string together four new highs and four new lows, however, the $258.00 area is proving to be more of a task then the buyers anticipated with the narrowing of the range. Follow-through below yesterdays low could lead price back to test the $254.55 / $252.85 area. The $258.00 resistance line is what we have talked about the last few days is also where the 60-min. 200-SMA has camped out.

VIX–X Chart – The VIX chart tested our $ 19.70 line with an Inverted Hammer with nine new lows out of ten candles. An oversold bounce seems to be logical within the next day or two. Side note: The T2122 4wk New High/Low Ratio chart is pegged in the overbought area.

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