Intraday Looks

The first chart below is the 5-minute SPY, indicating that this morning’s gap lower has not come close to being filled. Instead, price is, on an intraday basis, trying to stabilize and decide where to go next. In other words, the broad market is flopping around today without much direction.

The other chart is a zoomed-out 30-minute look of the SPY, showing us that today’s pullback has been the deepest one that we have seen in weeks. Note, however, that price has memory, as this morning’s gap down found support at the January 17 initial resistance level. Bulls most certainly want to see that prior key, short-term resistance now turn into support.

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