Wednesday, 1 April 2009

SPY shows big volume spike on the close of the quarter

The SPY proxy shows a rather strikingly large volume spike on the close yesterday. The 15 minute chart displays the gradual recovery pattern that emerged during the session and the abrupt sell off which kicked in during the final hour of trading which brought the index down from its attempt to close the opening gap that arose at the commencement of Monday’s trading.

The cash index closed at 797 which is just above the 38% retracement level (795) I have discussed recently and the near term direction, given the uncertainty of the G20 discussions and Friday’s employment data, would seem to be one of tentative testing of the region between 780 and 820.

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