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We saw a tug of war at these levels which was confirmed by the breadth, staying inside 3:1 all week long on the close of the day. We put in a spinning top candle pattern on the weekly bar and two inverted hammers on the daily SPY.
We have two support levels on the S&P500, the 975 level and 945 levels. If/when a pullback occurs; watch how we act around these levels. If we blow right through them then it will be a sign to get out of longs, however if we come down to these levels and chop around watch for volume to be your second indicator or exit or hold.
We saw a tug of war at these levels which was confirmed by the breadth, staying inside 3:1 all week long on the close of the day. We put in a spinning top candle pattern on the weekly bar and two inverted hammers on the daily SPY.
We have two support levels on the S&P500, the 975 level and 945 levels. If/when a pullback occurs; watch how we act around these levels. If we blow right through them then it will be a sign to get out of longs, however if we come down to these levels and chop around watch for volume to be your second indicator or exit or hold.
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