Our recurring look at the 30-minute SPY timeframe indicates we remain above last Thursday’s gap higher. In addition, price is still holding above the 3% correction pattern since mid-September. If we do pull in further, I have extended the trendlines from that pattern on the chart, below. I’d expect that area to represent a firm area of support, if challenged.
However, the market action overall today is rather tame. Indeed, the bears are thus far growling much louder than their bite indicates.
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