This chart (60-min DIA) about sums things up for Friday:
Up, Down, Up, Down, Up;
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For starters I'm including the SPY with TICK in two parts from today, showing some nice examples of divergence, Support/Resistance, and signs of price strength on weak TICKs.
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Well, we haven't much progressed beyond$108 on the
SPY, but we ended the day as a bullish reversal
harami candle. If the
IWM was any sign for things to come, than a test of $110 could be in the cards.
IWM is in the lead to recover lost ground and $61.50-$62 will be a telling test, as it's looking extended off of it's recent lows.
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If price breaks higher from here and fails at $61.50, we could get some sideways consolidation which
could form the handle off of a cup pattern. If THAT'S the case, a measured move would put price back at the highs!...I know, it's impossible, right?
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While the SPY has a little
Ascending Triangle thing going for it, a measured move putting it back to over $111, but $110 might prove formidable.
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