Friday, August 8, 2014
Chart for the weekend
SPY at 2:39PM:
With the caveat that a lot can happen between now and 4PM, I'd say that the decline has at least strongly decelerated, and possibly halted, at this point.
Selling volume has dropped on each heavy sell day since Friday. The black volume lines haven't swamped the red ones yet; but I think it's interesting that while red volume is beating black volume all week, the price has ended up going nowhere.
The Thursday and Friday selling volumes were already as large as the ones we saw in April.
So for SPY to go lower from here, I think it'd take far heavier selling than we've seen over the past two weeks.
Let's see if anyone wants to hold their gains through the weekend, or if instead this strong day withers and drops back down.