Base Over Base

________________

A slow morning led to a nice pop heading into the New York lunch hour. Now, however, we are working through yet another base, as you can see on the intraday 5-minute chart of the SPY (ETF for the S&P 500), below. This type of orderly action usually favors the bulls. After some of the vicious selling that we saw in commodities last week, or rather in spite of it, the broad market continues to prove resilient.

________________