SPY - The Dive in the Volume Shelf has Started
$SPDR S&P 500 ETF Trust(SPY)$ - The Dive in the Volume Shelf has Started:
There is no exception, when the higher Bollinger band is reached with overbought conditions (Stochastic), a pullback is guaranteed, now the line to watch is the 20 daily moving average, since the price remains above it and as in previous cases highlighted with the black arrow, that line can act as support and resistance.
The odds for a visit to the lower edge of the volume shelf are high. That edge is matching as of today the lower Bollinger band so the zone highlighted by the green arrow can provide support.
The daily chart itself suggests a consolidation, but the weekly suggests the healthy pullback just started.
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