Here's the 60 minute, 4 week, SPY chart
Click for larger. Browser back.
It was nice that last weeks pendant broke to the upside.
It was very nice to see yesterday's breakout.
It was not surprising to see today close at resistance (and no further).
But come on folks! We can't trade this! We need volume. We need a trend.
Here's the daily view:
Click for larger. Yada Yada.
We have been without a sense of direction for 10 days.
Reasons to be Bullish?
It has held up without submitting to the bears.
It closed at the high today.
It is testing the resistance line.
It has already broken resistance once.
Reasons to be Bearish?
The bulls do not seem to be committed.
The MACD is in divergence on the daily chart.
The news is bad.
The markets are extended and need to form a higher high.
As for me, I'm flat the market. On Monday, I'll day-trade what I see.
This is definitely not time to be invested in a long term position.