The pertinent issue right now is whether the market is merely taking a respite from its multi-week correct with this bounce, or is instead on the cusp of a fresh leg higher.
Recall the inverse head and shoulders bottom I pointed out over the past week on the SPY in my intraday post yesterday. As you can see below, we continue to push higher and benignly work off short-term overbought conditions as that pattern holds true.
Taking this market one day at a time with the knowledge that we remain in an overall uptrend is likely the correct strategy, as bulls have indeed made progress this week as bears are retreating.
2 Responses to Intraday Look and Analysis: A Respite, or the Destination?
Nice picture, that is Bertesgarden in Germany… I was there last year.
One day at a time is right, we are in earnings season.