Daily VWAP on SPY is about 277.42 now... earlier, at about 11am, VWAP was tagged and it held, and addl gains were registered. Price is currently holding just above.
So far just what you would expect. Can't go higher so it drops, but only to the current day median, (1.5 above VWAP) now a quick move back to Point of Control (todays most common price). then we will see, I would expect a drop at least to VWAP.
Starting earnings season. Record buyback cash was authorized. Rocket fuel. Soon we hit the 30 day blackout for the major buyback companies, rally runs out of fuel we get pull back. Rinse, wash and repeat.
In the meantime once again, like yesterday, they are buying into the close.
So chart from different source this week shows Banks return on Fed deposits has more than doubled in two years so they have raised the average payout to retail by 0.01%. Now who can explain why financials are leading this move?
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This closing spike high will be re-considered on Sunday evening, I for one will be watching. For the stock charts crowd without futures FINVIZ.com is free set the time for 5 minutes on their futures heat map. Pasta Boss has posted it here many times. Also my go to site for currency as I do not have a currency pairs feed.
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