The assorted false breakouts and false breakdowns we have see during this consolidation are simply part of the deal when you have broad market pullback. It is quite easy to become frustrated, losing sight of the overarching uptrend still in play.
The updated 30-minute SPY chart below shows that yesterday’s close breakdown from the narrowing price range is now flirting with an upside breakout. As we have been discussing, no one knows for sure whether or not this correction has concluded. The key is honing in on the stocks and sectors working well and showing relative strength, such as the financials.