To Bounce or not to Bounce

The SPY $108.64 area seems to be an important area of support developing. To really fuel a bounce into next week and give us a lot of great opportunities, I think the SPY needs to tackle the $109 level.

The 5 min 3C is showing a negative divergence at the 1:45-ish highs, but the 1 min chart is still fairly strong.

This is what I call a sloppy market. The charts almost look as if a child scribbled on a piece of paper. I really do not like these type of charts and would never trade a stock with one. I hope we see something more solid after 3 p.m.

In any case, as last night's video suggested, we do have higher prices in both the Dow and S&P-however the Q's and the Russell 2k are both lagging, I doubt they make it today.