After moving sharply lower at the outset of today’s session, SPY did establish a trading range of sorts for the remainder of the day. In fact, SPY did actually survive a late-day test (almost to the penny) of the morning low. While this may suggest we are close to a tradable low, the indicators on this particular chart are still negative.
As you can plainly see, this hourly chart of SPY has been in a sell mode since January 6. Both my volume-weighted MACD in the center pane and my front weighted TSV in the bottom pane correlate quite closely with their respective moving average crossovers. I am watching this chart very closely right here for potential positive crossovers, which would signal the likelihood of a short-term rally attempt. I would also ideally like to see at least some basing action in price, much like we saw during the last week of December.