Today SP500 ended 0.15% lower, but not much can be infer just from close to close unless we see daily chart or hourly chart. There was big battle between buyers and sellers through the day and sellers won once FED news released, sellers drove the market to almost 4300 and then buyers stepped in regained 49 points. As I mentioned yesterday, SP500 is in trading range and in Phase B, which experience lot volatility from these moves and news as well.
Just stepping back and seeing SP500 from a bigger picture, still its not good news, its struggling at 50MA line and at the critical juncture. This chart provides more clarity on the Buyers and sellers battle and looks like both are in control.
Going back to hourly chart with Wyckoff labelling to see more granularity, SP500 hits resistance line and spend sometime around 4425 levels, buyers could not push the price, as the FED news came in sellers took control and ended with buyers having some say, also one could observe there is lot of volume on the last 60min but the price did not decrease with same level, so there is divergence of effort vs result, lot of effort (volume) produce less result (price), this can be construed as buyers stepping in and absorbing sellers. As of this writing ES heading lower and trading at 4284 and seems its going to retest 4250 level. What happens here would be key for next couple of days. Any breakdown lower than 4025 would unleash hell atleast temporarily.
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