Friday, February 17, 2012

Volume At Price For SPY

Let's take a gander at Volume at Price. We wrote extensively of this not long after starting the blog. I'm not going to rehash that post but essentially this is a graphic of the SPY S&P 500 ETF going back about 15 years.  The volume over that time frame is shown horizontally at corresponding price levels.  The yellow bands highlight major support and resistance levels based in large volume levels at particular prices.  You'll notice that these large volume levels provided both support and resistance for corrections and upward price targets.  Today, we are caught within the orbit of major volume levels at current prices as shown by the top horizontal yellow band.  With current upward volume being absolutely horrible, it will be interesting to see if the market can break out to a sustainable new high above 1400.   Given the macro factors we see today and the amount of leverage contained in this market........  the Federal Reserve or Congress or the President is going to have to give away more free money to Wall Street for that to probably happen.  All continue to work feverishly to that end thus making bubbles even bigger. 
posted by TimingLogic at 1:56 PM

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