Our updated 30-minute SPY chart below shows an incredible V-shaped move off yesterday’s lows. Overhead resistance should come into play from 1515 up to 1530 on the actual S&P 500 Index. But into the final hour the market has made the action quite sneaky, indeed, with a daily shift in initiative from bears, to bulls, to bears, back to bulls so far this week.
The bear boat has not been wrecked, but it is certainly docked for now.
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