Stock #Market Recap 07/19/12 {Video}
Intraday Look and Analysis: Trying to Crack the Code
You can see below on the 3-minute intraday SPY chart that the market continues to have that drifting sense to it that I mentioned in my opening post today. With financials weak, the bears believe that they have cracked the code to timing a top here. I am still respecting the progress the bulls have made over the past week, even if we do see some backing and filling around these levels. With the 50 day moving average slightly turning up (overall smoothing out) on the S&P 500, the bears are going to need to actually follow-through on their big talk one of these days to prevent a much-improved market from continuing to get better.
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