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It is important to put these intraday charts into context with the larger backdrop of a bullish tape. Yesterday, I pointed out that while bears were growling at the weak intraday action, all that was happening was a pretty textbook gap-fill to Monday’s open. Indeed, just as soon as we marginally breached the gap yesterday afternoon, the market turned on a dime and rallied into the close.
As you can see above on the 10-minute SPY chart, today we are holding those gains from the late-day rally. I am still seeing plenty of bears and underinvested bulls looking for an imminent, sharp correction. However, the S&P 500 has already corrected over a week and a half through time, since that gap higher on the jobs number two Friday’s ago. A continued correction through time in lieu of price should not be dismissed.
