Intraday Look and Analysis: The Powerful Head

Thus far, the market still looks to be rather mildly consolidating most of the past few weeks’ gains. In terms of technical health of charts in the aggregate, it is an overall mixed bag with some notable strong performers at the top. Today’s intraday reversal higher came on the back of the 3-minute inverse head and shoulders bottom, as you can see below on the SPY.

I am going to give the bulls the benefit of the doubt and stalk longs here, unless the bears can actually make a dent and break us back below 2,900 on the Nasdaq. However, I am still being patient in waiting for quality entry points to develop during this consolidation.

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