SPY EOD Take

I don't think we'll get a whole lot more upside out of th SPY today, but it did make some notable changes that so far are along the lines of what I've been thinking about a shakout to the upside.

Here's what I see thus far.

 The SPY made it above the 20 bar average, but it will take a little time for the Bollinger Bands to start moving up, they have begun that process, but in my view, the most likely outcome will be a consolidation in this area with the blue bands tightening up and then a more pronounced move up in the bands and the SPY.

 The  1 min chart put in several positive divergences taking it off the lows of the day, the first was on the open and then around 11 am, but recently 3C has turned more neutral here.

 The 5 min positive divergence in the SPY did not exist yesterday, it's fairly well defined today.

 The 10 min chart is in a leading position, so that's another change that didn't exist yesterday.

 Finally on the bullish side, the 15 min chart did not confirm the lows put in yesterday and today and rather moved into a positive stance.

Just so we have some perspective, the above charts are along the lines of the short term move to re-enter the triangle and possibly stage a false upside breakout, the Crazy Ivan shakeout mentioned last night. However our longer term view is still quite negative so I don't want to confuse short term tactics with long term strategic views. Make no mistake, the market is looking bad, that doesn't preclude a shakeout and the creation of a downside snowball effect by staging a shakeout which is centered on the triangle pattern which is obvious in all of the averages.