SPY daily 2My intraday market analysis has been more frequent than usually lately as I believe that we are at a potentially important battleground between the bulls and the bears.  As the intermediate and long-term bullish trends remain solidly intact at this point, the short-term trend is bearish.  However, the S&P 500 is currently trading only 2% above the bottom of that extended rising channel and so a solid break below that channel would be a well-watched technical breakdown that would likely usher in additional selling and potentially trigger an intermediate (more lasting) sell signal.

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SPY 10 minuteWith that being said, here’s a 10 minute chart of the SPY showing that prices have now backfilled today’s gap, so far stopping cold right at the reaction low put in on the last 10 minute candlestick from yesterday.  If the market does make another move up, it has a short-term downtrend line that runs parallel the primary downtrend to contend with, levels & likely bounce targets that should have been added to the previous SPY chart.