The 30-minute timeframe on the SPY indicates that we are struggling below the widely-watched bear flag. Since gapping down yesterday morning, the bulls have mounted several bounce attempts. While the downside momentum has momentarily abated, the market is still doing its best to shake out both bulls and bears. I continue to see a landscape in the short-term that offers little in the way of high probability setups. As such, I am more or less waiting this market out until we see whether yesterday’s gap lower was the true move, portending a deeper correction.
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