The 3-minute SPY chart below of today’s action indicates the morning move lower followed by that familiar attempt to stabilize the action into the afternoon. Overall, it is easy to be jazzed up by the market’s action over the past few weeks, climbing back nearly all the way to multi-year highs on the S&P 500. Of course, nothing can be taken for granted in the market, especially when a new breakout to fresh highs is only potentially starting.
For the rest of today’s session, we have our resistance fairly well-defined, as you can see below. As I write, I see the bulls are making a push at cracking it. Keep in mind, though, the market has essentially been consolidating since last Tuesday’s intraday head and shoulders top, which I pointed out at the time in these intraday analysis posts.
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