SPY head fake

I think I mentioned this s the last update, the break of the range would likely be a head fake... Remember that the point of the range was to accumulate a position and the easiest, fastest way to do that is to generate supply so Wall Street an absorb or accumulate that supply, so a break below support will trigger stops, create supply that Wall Street can absorb and add to their accumulated position. This isn't a large accumulation zone, but t may be enough to get to the $132.50-ish level to pin the calls and puts.

This is what  mean when I say technical traders are so predictable that Wall Street's response is getting to be predictable. Here's the sideways chop range that I thought would develop, then the break below support, note the increased sell-seide volume and the 3C positive divergence on that break. Now they not only have taken the long's shares, but have put some shorts in a position to be squeezed, sending the SPY even higher as the shorts cover and create more demand, but it's not about supply and demand, it's about fear and greed, that's what causes the long to sell and the short to cover.