Into the final hour of trading on this Monday, consider the 30-minute SPY chart below going back over a week.
We have essentially seen alternating bursts of either apparently wildly bullish or eerily bearish price action, all in a rather short period of time.
Instead of getting caught up in trying to be right all the time and chasing waterfalls on Twitter, let’s take the current market for what it is–A sideways correction within an overall uptrend until we have evidence to the contrary. 1563 remains resistance above on the S&P 500 Index, while 1548 is initial support below.
You can expect breakout plays to continue to be deceptive as long as the sideways correction persists in this manner.
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