Note the immediate head and shoulders top made this morning on the 3-minute chart of the SPY below. That confirmed intraday top (remember your timeframe!) led to the morning fade lower we saw. Since then, we completed a gap-fill back down from where we popped at the opening bell. With the gap filled, we have since been basing along, or churning. Should we lose the $133.50 level I expect a fairly quick and sharp sell-off this afternoon. Otherwise, we look to be plodding along with no real rhyme or reason. I do not see much edge right now for basically any trades on any timeframe.
Play it cool.
_______________________
