Watching S&P500 retrace in SPY ETF trading

SPY the S&P500 ETF trading is retracing yesterday’s buying action and could start our next retracement to previous swing lows.

Sellers moved in on light volume this AM and did a 70% retracement of yesterdays buyers price action.

I have highlighted a few areas of support for a move down. Remember this is the season for Portfolio adjustments and where we get some distribution through profit taking.  Hence the statement sell in May and go away. Watch for a double bottom in the short term to 188. in SPY ETF trading .

There is a box outlining the area price will consolidate from 184.86 to swing high levels 189.67.  There are no real triggers for the market to watch for except Fed statements this coming week.

Trading Quote of the day: “The stock market is filled with people who know the price of everything, but the value of nothing.” – Philip Fisher.

Watch yourself in this slow market.