Intraday Look and Analysis: Enjoy the View from Atop the Cliff

The 30-minute SPY chart below illustrates that price worked off yesterday’s huge gap higher (and close on the highs) by benignly going sideways to allow the 20 period moving average to catch up to price. Despite the Nasdaq having glitches intraday today, and despite the widespread feeling that whatever goes up must come down immediately, there is not much indicating that the bulls have relinquished their newfound initiative this afternoon.

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