Traders officially love to sell SPY against 279.33 level


SPDR S&P 500 ETF (SPY) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
Traders officially love to sell SPY against 279.33 level
SPY stuck within tight trading range
SPY closes within previous day's range after lackluster session
SPY ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

SPY finished Thursday at 278.68 gaining $0.65 (0.23%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for SPY
Volatility

Thursday's trading range was $1.27 (0.46%), that's below last trading month's daily average range of $1.80. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 277.80 and 279.48 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 277.80. The ETF was sold again around 279.33 after having seen highs at 279.48, 279.33 and 279.37 in the last three trading sessions. Obviously there is something going on at that level.

Trend

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Buying could speed up should prices move above the close-by swing high at 279.48 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 277.80 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for SPDR S&P 500 ETF
ConditionForecastDirectionWinAvgWorstBestEvents
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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