SPY - A Swing Low Was Just SweptSPY Has Given Back Most of the April Rally in Two Weeks. A Swing Low Was Just Swept.
Whether that sweep holds or fails is this morning's question.
Structural Assessment
SOM is reading Impulse Cont. Bear on SPY 1H.
15 primary FVGs alive, 12 touched. The obligation pool
built during the April-May rally is being systematically
worked. 12 touched against 15 primary means 80 percent
of current obligations have been engaged. The market is
not ignoring structure on the way down.
ACE is GREEN with Q2 neutral. CQI 58.5. Last Ann was
Bull CQI 71.22, 156 bars ago. Direction neutral against
a bull announcement from 156 bars back. The conviction
that was present at the high has fully decayed.
IMP is scoring 1/5. NONE mode. WAIT.
SwLo Swept: YES. A swing low was taken out.
RCZ at 26th pct, ATR at 48th. Neither elevated.
Vol Elev at 2nd percentile -- volume has not confirmed
the sweep. A swing low sweep without volume is a
structural note, not a signal.
Anti-signal: clear. The sweep itself is not flagged
as a liquidity grab by the stack -- it cleared cleanly.
Tactical Cheat Sheet
Resistance: 732-733 -- nearest overhead level
Key resistance: 737.57-738.47 -- prior FVG cluster base
Hard resistance: 741-742 -- dense FVG overhead
Current price: 730.63
Support: 728.00 -- intraday structural level
Key support: 721.23 -- session Low, thesis line
Extended support: 703.07 -- daily obligation cluster
SwLo Swept context:
The swing low sweep with Vol Elev at 2nd percentile
is not a confirmed breakdown. It is a probe. Price
tested below the prior low without volume conviction.
Two outcomes follow from here:
Reclaim path (sweep as liquidity grab):
Price reclaims 732 at open with Vol Elev entering
IMP scores 1+ with PART mode loading
The sweep was a stop run, not a breakdown
Target: 737-742 FVG cluster fill
Continuation path (sweep as breakdown):
Price fails to reclaim 732 on first attempt
Vol Elev enters and drives price through 728
IMP loads EXT mode with ATR expanding
Target: 721.23 test
What the Stack Is Watching
The swing low sweep is the event. Volume is the
verdict. If volume does not enter at the open to
confirm direction, this is noise in a bear structure,
not a signal in either direction.
RCZ at 26th pct is the watch variable. If it starts
climbing toward 60th in the first hour, the
participation sub-system is activating. That is when
the sweep resolves into a tradeable setup.
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Built with SYNTHESIS v3.3 | SOM / ACE / IMP / SYNTHESIS
Study, not financial advice.
