Don't Ignore This Chart!

SPY fills gap on volume increase

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The S&P 500 ETF (SPY) gapped up on Tuesday and then filled that gap with a long red candlestick on Thursday. The inability to hold the gap is clearly negative. Also notice that volume increased as the ETF declined last week and this week.

100820zspy

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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