Market Resistance

 Wall Street wants to make as many people wrong at any one time, the shorts have felt it this morning and even though price hasn't crossed above serious resistance where shorts would really feel the squeeze, the momentum alone this morning wold be enough to scare them in to covering. As for those benefitting from the short squeeze, Wall Street isn't going to let you off the hook either, they'll look to cast doubt in every direction. We are clearly pulling back/consolidating/losing momentum as resistance is hit, this is solid resistance and this is the shorts hope, that resistance will fail. Above resistance, their not likely to hold much longer, so psychologically a couple of things are happening, the shorts are thinking that maybe this move isn't strong enough to squeeze the shorts who have rode this out so far, it's also casting doubt on the move up for any momentum traders and traders expecting a bounce.

 The 3 min intraday chart shows the backing off at resistance

However the same charts longer term trend looks like resistance will be taken out. Those are the probabilities.