SPY Update

 Intraday, I have found a surge in volume with a bullish candlestick is like mini-capitulation and often the market reverses to the upside from here.

 The short term ascending wedge in the EUR/USD is not helpful in direction, this carries a bullish slant, but as we all know, these bullish patterns get manipulated all of the time, less so in currencies, but it happens.

 Interestingly the SPY 1 min 3C chart went positive right at the hammer/volume spike I showed you in the first chart so it appears it will try for more upside.

 The 2 min chart is not seeing that divergence as of yet and may not, the leading negative position shows exactly what we have expected all along, distribution in to any price strength.

The 5 min chart is basically in line and not helpful right now.

Next week we have AAPL earnings on Tuesday and the F_E_D/ F_O_M_C meeting Tuesday and concluding Wednesday. The bulls will be looking for hints of QE3, should there be none, the market will not be taking that well. This is always the wild card, but with gas prices and food inflation high, it doesn't seem the F_E_D would lean toward QE at this time, it would only make inflationary pressures worse.

I continue to add on strength for the model portfolio where appropriate, but my position sizes have been smaller than usual, allowing for volatility and perhaps being able to add. I'm leaning awat from leverage right now, it served us well the last month or so, but I would rather not have that increased stress on my decision making.