The 10-minute SPY chart below indicates that the strong move higher yesterday is being digested in a calm manner today. Note the lack of any real selling volume, coupled with narrowing price range. This tends to indicate that the market is coming to terms with the new high levels in an orderly manner, rather than seeing violent rejection and wild price swings. Obviously, the latter tend to be friends of the bear. For now, though, if you are actually trading what you see instead of just speaking in platitudes about it, the market is acting more constructively after rallies than it had earlier this summer.

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