SPY dominated by bulls lifting the market higher throughout the day
SPDR S&P 500 ETF (SPY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SPY ended the month 1.42% higher at 308.63 after gaining $4.17 (1.37%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 304.61, the ETF confirmed its breakout through the previous session high after trading up to $5.59 above it intraday.
Daily Candlestick Chart (SPY as at Jun 30, 2020):
Tuesday's trading range has been $6.38 (2.1%), that's slightly above the last trading month's daily average range of $6.02. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SPY.
One bullish candlestick pattern matches today's price action, the White Candle.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the close-by swing high at 314.50 where further buy stops might get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for SPY. Out of 347 times, SPY closed higher 59.37% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.98% with an average market move of 0.39%.