Volume as a comparison has reached a 4 year low. Hard to say what this means as of current but looking back at that event can conclude that something substantial in the market was about to unfold.
Whilst this chart may look bullish for tech as a comparison and markets proceed higher most of the time its always important to take into the account that a comparison may result in move up because the market is also crashing. One is just crashing more dramatically then the other.
In this scenario whilst tech still performed positively for a while SPN was sending warning bells to the economy.
Those warning bells were a underlying message that the economy was slowing at a substantial rate the energy sector was being impacted by restrictions on travel, production and worker mobility which have resulted in a reduction in the demand for oil, coal and gas.
Some have also suggested that current decline in oil may also be sending alarm signals to the market as oil has a tight correlation to the SPN that again the economy is slowing and fast.
Whilst this chart may look bullish for tech as a comparison and markets proceed higher most of the time its always important to take into the account that a comparison may result in move up because the market is also crashing. One is just crashing more dramatically then the other.
In this scenario whilst tech still performed positively for a while SPN was sending warning bells to the economy.
Some have also suggested that current decline in oil may also be sending alarm signals to the market as oil has a tight correlation to the SPN that again the economy is slowing and fast.
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Also this chart may make a valid argument for the possibility of the above events stated to unfold.
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Zooming in we are currently forming at rising wedge which is usually indictive of a bearish breakout.
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would count those chickens as of yet. This is looking like a false breakout.