The 10-minute SPY chart below indicates a triangle or cone-shaped pattern of flat-to-slightly-lower highs, but higher lows dating back to yesterday afternoon. Underneath the surface, we have some solid action again today. However, the indices seem to be drifting, and it is because they are working through similar consolidations such as the one below.
Watch to see whether bulls or bears receive the cone of shame. Once again, the overall trend is still higher on daily and weekly timeframes, which means bulls deserve the benefit of the doubt even on a shakeout until proven otherwise.
_________________________________
