As you can see on the 30-minute SPY chart below spanning the month of July heretofore, the market saw a strong move higher after the July 12th intraday reversal. Working off some of that stretched, V-shaped condition through days like today is not something out of the ordinary. The issue now is whether bulls can build on this progress and form a clear higher low, with the amount of quality individual setups growing. It would be only if the bears crack us back down into the post-July 6th chop zone (resistance trendline drawn below) that I would entertain the idea of this move completely rolling over and leading to a fresh leg lower.
9 Responses to Stretching Back
i agree – no ifs ands or butts
That cannot be real.
It’s not unreasonable to suppose an a$$et drop into Monday based on the channel.
$CORN might be an interesting short at some point.
Hmm- reminds me of the landing apparatus on the Mars Rover.
… gives a whole new perspective to the term …
“Junk In tha Trunk”
Prayers are with Aurora, CO !
So sad !!!
… and, not surprisingly … most everything I read here today wrt to this tragedy… from “bloggers” and comments alike … made me embarrassed to admit that I actually have this site bookmarked !
With the exception of a very few … what a collection of fools !!!
chessNwine … you’re too good for this place !
uhh … SHORTER THAN TROYER !!!