While many markets around the world struggle to get off the mat for a bounce from oversold conditions, the U.S. markets are pushing higher yet in another V-shaped manner dating back two weeks.
On the intraday, 5-minute SPY chart below, note the smooth trend higher all day. It will not last forever, and by no means has this rally been energetic across the board.
However, it is what it is and bulls will continue to control the multi-month trend until bears can capitalize on any of the divergences present with force.
Into the final ninety minutes of trading, the presumption is that a trend day higher has a decent chance of closing at the highs. There is a bunch of macro data set to be released into the heart of this week, which makes the reaction by the market all the more telling.
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