Despite the intraday volatility today, the 5-minute SPY chart below indicates that the opening move from this morning remains largely intact. On this unofficial final summer Friday in August, the easy move is to dismiss all price action as being trivial. However, underneath the surface there are considerable tight bases still being built, not to mention more than a few giving it a go at breaking out today.
Bulls still need a breakout above $142 here, while bears want to crack us back below $140.20.
3 Responses to Intraday Look and Analysis: Brazen Moves
Any thoughts on SLV? Want to get in but now looking a little OB?
Need to look deeper this weekend. I’ll be discussing SLV in my weekly strategy session for sure.