Bear Trap

Score 1 for the PPT! Or bear trap, or short covering; whatever you want to accredit today's late-day rally to, it was as strong as you could think possible (much like a few months ago with the late afternoon sell-offs). SPY, DIA, IWM, and the Q's all filled their gaps in one fell swoop this afternoon and held onto their gains.
The Q's were very choppy throughout the day, the SPY was much cleaner.
Q's gapped down to S1, eventually found it's way to previous support before making a trip back down to S1. The late day rally stopped dead on R1.
SPY had a similar story, but looks a bit cleaner. Notice the pattern of volume pushing the direction, price closed above today's PivotPoint.Keep a perspective on our longer time frame (for intra-day, the 15-minute chart) and pay attention to over-extended price and momentum divergences. Also, pay close attention to those NR7's at market tops/bottoms.For a cleaner perspective on today's SPY, here's a 20-point ($0.20) range bar chart. Seems a simple enough strategy to trade based on trend-line triggers (one short, one long in this case), but also to admire that recovery late today.At the end of the day, the DJIA left us with a bullish dragonfly doji. I'm also taking notice in the lack of downside momentum since the beginning of the year. We're in the 3rd push down since the beginning of the year, but it looks to be losing steam.