$SPY Inflection Point

Apr 22, 2022

The low of the February 24th candle is hard support in my opinion. That candle formed a piercing reversal with the previous days candle being penetrated well into its body after the selloff. Heavier then average volume confirmed the bottom and reversal. Unfortunately for the bulls the rally was rejected back at the former swing high in the 450ish range, forming a double top. However, the anchored VWAP of the Feb 24th rally candle held as support. Not all was well though. An evening star pattern formed from April 19th to the 21st. That evening star pattern was confirmed on todays big sell off and the anchored VWAP support was sliced like hot knife through butter. If the support from the Feb 24th candle is broken then there's a considerable downside to around the 360ish range.

Thanks for reading.

Good Luck To All.