The Continued Pattern of Strong Volume on Down days and Low Volume on Rally Days $SPY $QQQ
The market clearly rallied strongly on Friday…however and it is a big however…This continues the pattern of strong volume on down days and low volume on rally days. Big institutional players are not supporting the market. On the positive: The New York averages were strong with the SPY rising 1.15% while the Nasdaq was up .83%. I would feel a lot better if there was substantial volume but there wasn’t. The key is watch the key moving averages such as the 50 day moving average as well as the 200 day moving average. Be flexible in your expectations. Do not have a preset disposition. Let the market tell you where it wants to go.
We have seen many times in the last year or two when the markets looked like they were going to tumble and then turned around and rallied to new highs. Trade with a complete trading plan. If you need help with yours. I can assist you. I offer hourly one on one mentoring….you can email me at Andrew@trendfollowingmentor.com