The 15-minute SPY chart below indicates that this morning’s gap higher has turned into a trend day. Currently, we are coming in to test the rising 20 period moving average on that timeframe. That test should give some insight as to whether we close on the highs or not.
Also note the inverse head and shoulders bottom dating back to last Wednesday in play–Not a major pattern, but so far pointing to the recent lows as being good lows.
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