As the market bounces a bit more into midday, note that the SPY is working through a more neutral sideways trading channel, highlighted below on the 30-minute timeframe for the actively traded S&P 500 Index ETF.
Also note that bulls are having a bit of trouble pushing up and over our key reference point this week—The declining 50-period moving average (dark blue line) on this 30-minute timeframe. A push over it likely unlocks a further bounce this afternoon. Another rejection, and look out below.
What are you trading this afternoon?