SPY Charts 5/9 Battleground for the Bulls

We saw today again on the SPY a battleground for the bulls take place.  The excuse for the bears today was the political uncertainty with Greece and some concern over the Spanish banks.  As if we didn't know that already!

But as I was scanning through the minute charts the 50 day 60 minute chart really told the story of the support level around $134.50.   Today as the SPY dropped right to $134.50 there is big green candlestick with volume pushing the SPY higher.




At least right now the bulls have won out today and like I said on Monday we have been fishing for support for a number of days and we may have found it.  Now that doesn't guarantee that the market wont get overly panicked about Europe again this week that could totally happen, but that is why this support zone is the battle ground for the bulls and bears.

I would also submit that we could be in a Elliot Wave corrective pattern this could indicate a running of the Bulls soon as we are back to oversold levels again. Please see the chart below.




Takeaways for today are the market sold off  BIG again, but as we did yesterday we staged a late day comeback off the bottoms of the morning which is telling me that the bulls are still alive and running.

If there is a break below $134.50 that is where I believe the bears have then taken over as long as we are trading above this level the bulls still hold the reigns on the trend.

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Disclaimer: This article is intended to be informative and should not be construed as personalized advice as it does not take into account your specific situation or objectives