Insights about SPY post #4: big institutional player(s) near the high of 17Sep?

If you are watching yesterday’s (18 Sep) market session, SPY rose from $561 to $568.69, closing above the month of August’s high and July’s high over the span of 5 minutes (from 2pm to 2.04pm) before taking a drastic turn and when the session ends yesterday, it closed near to the lows of that day. I ponder over why this happen and when I looked at the volume footprint chart, i kind of understand why. There are one or several big institutional player(s) near to July’s high (resistance) and August’s high (resistance) who is/are opening market sells order and are at the same time is opening sell limits orders (passive seller) so that he/she/they doesn’t have to open big market sell orders in order to move the prices in a profitable direction. These are the players that we have to pay attention to because they are the one who can make prices move in a certain direction, and have deep pockets of money to burn. They sell when prices get too high (at a major resistance) and buy when prices get too low (at a major support)

So what is my gameplan?

Now that FOMC is over, i am betting that the passive buyer(s) who are there to support the prices from going too low for the last two days will be looking to sell their position. So if on today’s (19/9) session, it closes below the lows of yesterday and the next few candle tells me that the price is going further down then I will go short.

As always, i could entirely wrong and am still learning.

$SPDR S&P 500 ETF (SPY.US)$

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