This, Is The Spot

Well, ladies and gentlemen, we’re at the spot where any move, in any direction, may set the stage for what’s to come.

Last Friday, the SOXX penetrated support, then rebounded in the initial stages of a Wyckoff spring.

Today, price action came back to test.

This type of behavior is bullish, suggesting a move higher; however, there’s a problem.

Instead of volume contracting on the test (sellers backing away), it has increased (blue arrow).

For the test to indicate probability of complete, Monday’s open needs to be higher, with a new daily high (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

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