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SPY Block Trades save the day

big volume support coming
The large block trade activity seen late last week on our Block Trades page served to save the market from further decline today, as a strong start off the open slowly reversed over the next few hours, with $ weighted buying pressure and breath going negative. The afternoon session saw a 50+ point decline on the NQ100 but less so on SPX, with RUT ending the day green.

Markets may have topped today, but usually in a shortened holiday week we will get range days rather than trend. Price action should clarify the direction soon enough, whether this is the start of a bigger down move or if the block trade volume saved the markets in preparation for another rally. Breadth will tell the tale shortly