The volume spiked on 24.06.2016 but difference between open & close price was $0.50. Mr.Market was struggled to maintain at that price range. Eventually, the price took a dip to test the water at the long-term support level followed by an exponential increased by 9.20% within 18 days.
Thereafter, price consolidation kicked in with low volume for more than a month. SPY was also seen trying to break the long-term resistance level for several times but to no avail.
Volume spiked and price took another dip on 09.09.2016. Is it caused by institutional investors/traders for selling off a big chunk of shares? Regardless, my idea is it will cause another sell off and hit the short-term support 1 level. Low volume trading trend might continue. Price might consolidate between short-term support 1 & 2 prior to FOMC meeting on 21 Sept.
In current situation, I will just wait for Mr.Market to break through support 1 level. Then, I will take short.
Entry price : $212.60
Profit taking : $210.10
Stop-loss : $214.08
Thereafter, price consolidation kicked in with low volume for more than a month. SPY was also seen trying to break the long-term resistance level for several times but to no avail.
Volume spiked and price took another dip on 09.09.2016. Is it caused by institutional investors/traders for selling off a big chunk of shares? Regardless, my idea is it will cause another sell off and hit the short-term support 1 level. Low volume trading trend might continue. Price might consolidate between short-term support 1 & 2 prior to FOMC meeting on 21 Sept.
In current situation, I will just wait for Mr.Market to break through support 1 level. Then, I will take short.
Entry price : $212.60
Profit taking : $210.10
Stop-loss : $214.08