Intraday Look: When in Doubt, Wait it Out

As you can see on the intraday chart of the SPY, we are working through a descending triangle. If we lose the the $141.45 level, I expect some short-term selling to kick in and accelerate. Other than that, we look to be churning a bit after yesterday’s rally. So far, the bulls have held just about all the gains, and then some.

Regardless of your bias, watch this triangle develop. It is an interesting patten to be forming up here.

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