The market (SPY), Wednesday’s, lower low Harami (indecision), then Tuesday’s little Hammer with a higher low indicates buyers looking, but no real commitment. On a 2-day chart, you can see the Spinning Top Doji (indecision) shows the bulls require a little help to keep price action above the support line but without a higher high the lower high.

If the SPY can get above $298.75, it’s possible; we see buyers step in and challenge the recent highs. But let’s not get to carried away just yet, so far this week the sellers have been able to push the buyers back, and there is still not a confirmed bottom from the recent 5 bars that the sellers have control.

The bottom line, This is Friday, and the futures are up premarket this morning, below $298.75 sellers have control of the SPY. Our dark chart has not given the bullish bottoming signal that we are looking for, above $298.75 would be a great start, remember that number must hold today.

Rick

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