I have been keeping a close eye on the SPY as we traded near the highs. You can see on the 30 minute chart below that there is a battle between the bears and the bulls for the direction of the next move. The range is getting tighter and tighter and will need to be resolved sooner. The question who will win this battle?
I am biased to the upside, but that is because I have a couple of long positions. But if we can win the battle to the upside there is really nothing in the way until 1200 on the daily chart.
Only time will tell. But I think a move will hapen soon, if not today then in the next couple for sure.
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