Regarding the broad market, there is not much going on today as the senior indices have been flipping back and forth between sightly red and slight green. However, the 30-minute SPY chart below does illustrate the falling channel breakout from last Friday (after the pullback from multi-year highs earlier last week) remains intact. In addition, note that this morning we “backed and filled” to retest the breakout point from that channel.
So far, so good, despite the grinding feel to the action overall. Of course, bulls still need to conquer $142 above for another leg higher.
2 Responses to Intraday Look and Analysis: Back and Fill
… that is just an awe inspiring photograph !
And that it serves to “illustrate” the message of the blog post … almost perfectly … is truly very cool !!!
Thank you, alf.