SPY 122.00 OCT 11 WK3 P
In @ .42
out @ .66
Any you guys watching SPY 122 put volume? Novembers
Just spiked from 20,000 to over 64,000 volume in about 2 min flat.
That was my cue to buy a few at 4.04
thats got to be a good indicator where the smart money is at
double top, gonna reverse down I believe, market tested 1220 and said no you shall not pass. There we go spy broke another support gonna go down more, pre market green just gonna fade away.
The volume isn't high enough to determine a flatout rejection. If anything it's playfully testing it.
The problem hasn't been people wondering if this is the top... the problem is whatever catalyst is needed make the wave turn hasn't come up yet. I can't imagine what spark has been missing to the downside but I have a feeling we may find out before the day is over.
While we're all on the subject of moves that you don't understand ..... I hop into some SPN at 25.49 this morning with a 26.20 target. In fact I thought there was a high likelihood of it trying to fill the gap from Oct. 10th on the 60min over the coming days. The 15min chart starts showing two very large upper wicks (aka "high distribution") and the SPY was backing off, typically a sell signal. I decide this puppy doesn't have it today so I bail at slightly above break even. What does it go on to do? Hits a high of 25.94.
Nothing worse than that. Crap, as we speak it's trying to make a new high.