Some of the Institutional investors were concerned about the dropping volume as the market rallied. This first chart below, show's the SPY and its volume with a 14 day simple moving average. During this bear market, there were 6 occasions where the volume's 14 SMA moved down and then broke a resistance line to the upside. On all 6 occasions, the SPY went lower afterwards.
Today: As you can see on the chart, the SPY started trending up in March, and its 14 day SMA shows that the volume has been down trending since. Last Friday, the SPY's volume moved slightly ABOVE its resistance line. However, there was no confirmation from the NYA Down Volume, so a the SPY volume condition is negated. (The studies I ran showed that the a SPY volume break to the upside needed the confirmation of the NYA Down Volume breaking a trend to the upside.)
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