Intraday Look and Analysis: A Leisurely, Solid Week

Here is your week in review, essentially. On the 30-minute chart of the SPY, note the rather orderly pullback this week following the powerful rally late last week. As we have been discussing, the focus on individual stock performance rather than the market allowing the transports or semiconductors to bring everything else down is an encouraging sign going forward that the overall tape is healthy. After all, during corrections and unhealthy periods in the market you often see correlations running tight.

In the current market, though, obsessing over correlations and divergences has not served traders very well. And that is a sign in and of itself.

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