September 9, 2024

Hey, it’s Ross Givens here with the Chart of the Day. By adding a volume profile to the S&P 500 chart, we get a clearer view of key trading levels. The 545 and 530 zones have seen high-volume activity, acting as magnets for price movement. But it’s the low-volume 538 level I’m watching closely. Historically, levels like this get rejected or blown through quickly. If we don’t see a bounce next week, the selloff could continue. Even so, there are still opportunities in individual stocks if your trading edge holds up in a negative momentum environment.