intraday look at the SPY which formed a hammer candle 7-cents away from the 2x-bar median line
Fib levels as measured from the most recent high to the corrective low. Price is basing under that 50% level
The 3/10 Macd has the potential to form a First Cross sell signal here, otherwise we get another momentum push up and possibly turn into a Sell divergence should price make new highs (much the way it signaled a first cross sell in Aug. only to form a buy divergence 5-days later). We could still push up to the 61.8% - 78.6% retracement on nil momentum and get our First Cross entry on the following tick down in the momentum histogram.
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