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$SPY Where do we go next? for AMEX:SPY by mikeright25

Hello traders,
I totally forgot about the congressional meeting with Powell and Yellen.. That and the debt ceiling talk completely spooked traders. VIX jumped up to 24 by 10pm EST.. nothing says uncertainty like that.
It’s been a little tough to gauge the direction of the market the past few days, but I’d like to share a little insight.

Let’s break it down:

Triple witching pullback on the 20th with a move down to the 200ma on the 4hr.

pivots up to about 444.85 over the next few days (23rd) from a 429 low

– decreasing volume from the 20th – 27th

– churning and double top formed.

____________

Today:

Bearish Trend change. Big sell volume with the VIX spiking… catalyst: congressional meeting and debt ceiling fears.

– Highest 5min volume candle was selling at the close after intraday dip-buying.

– On the 1hr and below Double bottom formed.

– Found support off the 4hr 200ma.

– Directionally flat on the 4hr, but upward ADX on the 1hr.

___________

With all that said, it looks like we’re still in choppy waters , be careful out there, manage your risk. We could see a Bullish reversal with the double bottom , if the VIX wasn’t so high the odds of this happening would be higher.

Drop me a like or a comment if you have some thoughts.

Cheers,

Mike

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