As we work through the final hour of a sharp rally today, despite the intraday @AP drama, it is tough to define or pigeonhole the short-term nature of this market.
While the 30-minute SPY inverse head and shoulders bottom (light blue lines) has triggered and covered some ground higher, the head and shoulders top dating back two weeks has yet to come close to being negated.
More whippy action is likely before resolution, even with the multi-month uptrend on larger timeframes still intact.
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