Another Stairstep Gap

Published 05/15/2012, 02:54 AM
Updated 07/09/2023, 06:31 AM

SPY Price held its first test where we’d hope it would near $134 and is trying to recover for a challenge of S1 from below. That will be an important level this p.m.  Internals are still awful, of course, but volatility appears to be leveling.
SPY CHART
Waiting for a Bounce

For the fifth time in the last six days, we gapped lower, bounced back mid morning and then closed weak. The dip-buyers lost interest quickly after upside momentum stalled and we ended up closing near the lows of the day for the first time in a week. Breadth was poor and Greece continues to plague the market. We are getting close to a bounce, but if we go lower, many are eyeing the low 1300 area for a bounce.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.