You really have to fight to stay on top of this market, as we see daily rotations and plentiful underlying divergences.
Nonetheless, a huge rollover has yet to occur. On the updated 30-minute SPY chart we looked at yesterday, we are simply back up to the top end of a sloppy, sideways range.
Small caps are lagging, but bears have yet to be successful in fully capitalizing on this or any other negative divergence.
I am still watching the range below for a break.
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It looks to me like we’re also at the top of a huge channel on the ES going back to July 2010. Not sure how much credence to give something like that, but there certainly are a lot of reasons why we’d see a pullback here … other than everyone expecting it.