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After stumbling at various points throughout the session, the bulls looks to be getting their act together here. On the 5-minute chart of the SPY above, we can see that some strong buyers have emerged to push us up over the morning highs. Currently, we are trying to turn this morning’s resistance into current support, which would certainly bode well for the bulls regarding a strong finish to today’s session.
At this point, I do not see much of a reason to go ahead and aggressively fight this bounce via shorting. As I wrote last evening, with the bulls holding 1300 on the S&P 500 yesterday, they had at least bought themselves some more time before the bears could claim any kind of major victory.
