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It is worth taking a look at a zoomed out 30-minute chart of the SPY dating back to June 1st. Note the clear downtrend, which started to flatten out as the market stabilized two weeks ago. After grueling sideways action in which bulls and bears slugged it out, the bulls went ahead and took control. In particular, today’s session has seen us move up above prior resistance. As I noted this morning, I would not be surprised to see a pause in the coming days. That said, the key is whether the bulls can now turn that prior resistance into support. On the actual S&P 500, we are looking at the mid 1290’s to hold. Either way, the 30-minute chart, especially when zoomed out like this, can help bridge the gap between shorter and longer-term timeframes to give context and perspective on the action.
Thanks.
Chess, China had fears of rate hike last night, I am still holding that FCX and this SPX is a wash and rinse of bears playing the end of POMO…we will see. Plus, today Option Ex on a eur/usd 1.4400 earlier is out of the way..so I am looking for sellers on the rally after Obama and the 7 year auction is done in about 40 minutes from now.
perspicacious!
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