Last Market Update

Last noght I mentioned oversold, which would mean a bounce which is what we got today. This does not mean strong trend/strong market. We have to see what this bounce can do and what kind of follow through we get. The end of the day is when most Wall Street transactions take place so there's an emphasis on trading near the close. Here are the SPY afternoon charts..

 The 1 min went divergent in the early afternoon and headed down by 2:30-ish. IT hasn't gained much upside traction, but is more in line right now. It's not a particularly strong close.

The daily chart shows this to be thus far just a bounce, volume is not heavy and the % gain is around half a percent. We may be seeing a triangle configuration forming which would make sense with advance GDP coming out this Friday.

More to come in a bit.