So far, market is not doing anything extraordinary.
Intraday breadth has been neutral to positive.
This is what I see on a 5-min SPY
I still think the rise from the low of yesterday looks corrective, but it can go up, or easily morph into a more impulsive structure.
Index is in a middle of a gap. Bulls should really fill and exceed it if they don't want to be perceived as weak. What are they waiting for? They should know they have a chance at god shorting bonanza. They look weak, or maybe they are penniless and in need of handout from Bernanke?
S&P needs a rise move above 1065 to perhaps suggest a change in short term downtrend.
All other levels I have listed before are still in play.
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago