SPY Holds Above Volume Shelf with Strong Support Zone
$SPDR S&P 500 ETF Trust(SPY)$ is consolidating above the current volume shelf following last week's strong bounce. While a gap fill would be normal and healthy, it is not guaranteed.
The confluence of the 20DMA, 50DMA, and the lower shelf forms a strong support zone (arrow).
My latest Market Intelligence maps exactly where $S&P 500(.SPX)$ & $NASDAQ 100(NDX)$ stand in this bull cycle. I anticipated a -5% pullback. The market delivered -5.7% for the SP500🎯.
At this stage of the bull market, the sooner a gap is filled, the better for healthy continuation. The level of $6,776.4 is acting as a magnet, and the 50DMA is the next line of defense. A consolidation after a +3.73% rally is perfectly normal.
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