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Precision Capital Management submits: “This updates a previous chart we posted here and shows that SPY is now using long term VWAP anchored from the October 2007 highs as support. There is not much overhead supply until about the 122.50 level. So, even though it seems like this rally is running on fumes, there’s still room to go in the historically bullish month of December. Watch out for any retracement below the 108.50 to 109.00 area, which warns of a potential false upside breakout. Visit our site for a free download of the TradeStation indicator for anchored VWAP and information about Paul Levine’s MIDAS method that incorporates it.” (Source: Precision Capital Management)
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Wow! Didn’t expect a retracement to critical support so soon after we submitted that chart Wendesday. However, the above VWAP confluence showed strong institutional support today (Black Friday) along with monthly R1 (108.58) and weekly S1 (108.40). Always know your pivots and VWAP levels.
The S&P P/E levels are still way to high to sustain the current price.