$SPY Is there another pattern we could be missing?

28 Sep 2021

Hello traders,

I hope you are well. As I'm sure a lot of others have been seeing, several charts posted on twitter and here are predicting a bearish move using Elliott Waves , news, a favorite indicator, or whatever lens we'd like to view the market through.
Next few days look choppy to me. Are we going to end Sept on a high note or take a dip?

In my opinion, we're going sideways for a bit before we do anything, but I think we could actually still move higher, of course anything can happen.

The last few sessions after the rip higher, there's been significant drop in volume . The price action has been somewhat muted, and the SPY bumped it's head on the daily POC Monday.
Highest relative volume was seen on a green candle 5min small muted rally into the close (not much freedom of movement), but mostly red volume across the day. So, are we looking at a big drop? Are people actually worried about delta and Everglade and everything the media has been pumping? I'm not so sure... the big whale buys seemed to be after the dips.

Anyway, I wanted to share that I noticed this little pattern on my chart, could be some technical correlation..

Good luck and be well,

Cheers.

28 Sep 2021

Nota

Of course, I totally forgot about the congressional meeting with Powell and Yellen. Obviously, that will affect markets. Sorry guys