After a two-week rally off the 11/16 lows, the 30-minute SPY chart (first one) below indicates a lack of short-term direction as we back and fill. Of course, we are backing and filling so far in lieu of a sharp sell-off below 1400 on the S&P 500, which bulls are hoping continues to be the case. Also note the updated IWM small cap chart from this morning indicating a slight back and fill but no gap-fill yet. The gap may indeed be too obvious to chart watchers to be filled imminently.

Despite how heavy the market may feel at times today, the bears have been unable to sustain any real move lower yet. The advantage is still with the bulls off the recent rally.

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