Market Update

Lets not forget it's end of quarter window dressing (the art of looking smart), although prospectus related trades should already be wrapped up due to the T+3 settlement dat, running the returns is still in effect.

Here's a look at the SPY and some seemingly not so important information, but clues are often where the masses miss them.

 SPY broke the 50-bar 5 min moving average, something it hasn't done the last two days (although I wish it had). That average is now going to be a resistance zone, the SPY is just lingering above it, but remember resistance is not an exact number, it's an area.

 The 5 min is negative, a test of the highs here will give us an idea of what the 5 min chart will do (improve or not)

The same goes for the 10 min chart.

Right now, the SPY is looking better (3C wise) then the Q's or DIA so we don't have really good confirmation, that's why the test at the highs or new highs will be important.

While Institutions will want to juice returns, there are still longer 3C positive divergences that could still get us up to the 50 day moving average. I suppose breadth falling apart in to that advance wouldn't be horrible as the whole idea of this bounce has been to get better short positioning.