a lower low and lower high in place, but also could be inverse head and shoulders pattern. so question is, which way is the spy headed?
my vote is down, and the reason is the heavy volume red days over past few days. would be even more convinced if we finish red today.
There has been a lot of selling and buying hasn't convinced me much. It moved up easily when selling pressure abated today, but there's widespread selling and buying seems in spurts, unlike previous times when there was buying and no turning back. If it closes low 151 range, it looks like there could be trouble. That being said, sellers don't seem to be hammering away...I wonder what the last hour will bring? Do you have an opinion? Looks more like the market is less bullishness than recently.