$30,000 Millionaire said:
BaylorSpineGuy said:
30K, you showed us divergence in ASAN between price and volume, how do u feel about SPY? Looks the same to me. Decreasing volume in 3 consecutive days with advancing price. Wednesday did the most green volume all week but only outdid 2 of the preceding 4 red volumes. Was this a bear trap?
I will spend some time thinking about this. Macro market volume is a bit different than individual stock.
Unrelated ZM starting to look good for put selling.
So I was thinking about this more and more. These ETF's and indexes, in general, are just made up of individual stocks. So doesn't it just reflect the overall volume of individual stocks, anyway, just at a massive level?
Also, I was doing some model T retracements on the recent SPY chart this morning. The ATH is like 454.05. The lowest day we had since that high saw us dip into the mid-428's. If you do the 50% retracement based on that low, then we are slightly past the 50% retracement. However, on the day that low was hit, it did recover some losses and closed a couple points higher. From the closing price, we have touched the 50% retracement a couple times and been pushed back (it's like 443.95 or so (effectively 444), which looks like resistance now.
This makes the price-volume divergence concept interesting. If this bull market is running out of gas, then it makes sense that each charge to break the new resistance (50% resistance) is being attempted with decreasing volume.
Anyway….you're a Fortune 50 exec and I wasted my 20s and half my 30s learning to operate brains and backs. You're experience >>>> my 8 months of actually caring about money/markets/finance, etc.
Your opinion, as always, is greatly appreciated.