The rebound yesterday was strong. We may see more on the upside but right now it seems that this rebound will not hold (another bottom test perhaps?).
Below SPY 15min chart, as you can see this rebound is stronger than the other ones in this short timeframe bear cycle. Note also several resistance areas ahead, expect odd price action around these levels for now.
Below 5min SPY and 5min VIX. That bullish volume the last ~15min is perhaps not that bullish since I think it was only short stops/covers but let’s see… And VIX, 20 is the level for now (above bearish and below bullish).
Up volume to down volume ratio was yesterday 5.5:1. We could see more up today and if the gain is sold off, expect the lows to be tested and/or broken.
Below some obvious price levels that should be kept in mind today.
