After yesterday’s trend day lower, we have a not-all-that-unsurprising choppy bounce taking place today. On the 15-minute SPY chart below spanning this week, bulls are likely going to need to clear that key 1563 level on the S&P 500 Index, or the highs from this morning on the chart below.
While the likes of BBY CONN FB are working fairly well for longs, for the most part the market has become adversarial to swing traders looking to hold longs for days on end. The close today should be quite telling as to whether we are looking a more durable change in market character, where hopeful dip-buyers are punished instead of rewarded, even when many stocks and sectors look as though they *should* bounce.
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