The volume dropped off again. Today the market seemed very lethargic. The bulls did not have much vigor. It looked more like an absence of sellers. Here is the SPY 130 min. chart.
We got above that lower trend that I said last night I did not like. I believe the upper line is a better representation of the down trend. There is still more room to bounce. Here is the 30 min. chart.
SPY struggled all afternoon to get above the first hour high. It managed to close a few cents above it and that was it Even with the breadth greater then 70% positive the entire afternoon the market just couldn't go.
This looks like a dead cat bounce so far. The charts are pretty inconclusive on whether this bounce will continue tomorrow or not. A lot of down trends resume after a two day pause, so watch for that tomorrow.
Bob
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