The 30-minute SPY chart below indicates an intraday rally back up to the opening print (yellow line). Now comes the real test as to whether we see a bear flag (purple lines) breakdown, or instead if the 2013 push higher continues. The good news for the bulls is that the small caps are flexing their muscles into the afternoon.
Although I have taken gains recently, I am still not interested in calling a top to this market for anything other than a pause at this point.
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