SPY near all-time highs; low volume in recent rise suggests fast potential drop to 6800 support.

Let's take a look at the S&P 500 index. The S&P 500 index tracks the S& P 500 index, and we see, oh my god, I pressed the wrong button. We can see on the Japanese candlestick charts , these are the daily candles, that we are very close to its all-time highs , as it is trading today at 7770.

Yesterday's rise was 0.08%. We have witnessed a significant movement. We had two green days, two days that were greenish , and then Monday to start this week, it was great. We have seen this large bullish candle.

One of the things I'm watching is this area on the S&P 500 index, specifically between 7300 and 7000. What's happening here is that the trading volume has been very small in this upward move.

This means that in the event of any correction, if we pass through this area, the speed at which we pass through it may be equal to the speed at which we ascended through it, so to speak .

Therefore, the control point is still low here if we look at the longer timeframe; if we go back to July of last year, we will find that the control point is still at approximately the 6800 level .

Now, if you scroll a little, you'll notice that it changes a little, but there's still a relatively large point in the volume level at the bottom here. We can see that around the 68-6900 handle.

The 7400 level has seen a lot of positioning over the last couple of months, but it's possible it could easily drop from the 77 level to the 74 level. I just want to keep this in mind when looking at these charts over the longer term, because it's easy to zoom in too much and say, "Oh my, this market... here we are.

This is the bottom of the range at 7300," which is n't the ideal situation. It is possible that we could easily fall through this range, which we have not traded in for many months .

So, this is something to take into consideration.